Jun 7, 2022

Insurer LV names new chair after failed Bain takeover

LV has appointed Simon Moore as chair to replace Alan Cook, who stepped down earlier this year following the insurer's botched sale to US private equity company Bain Capital. The mutually owned life insurer said on Tuesday that Moore, a former Barclays banker, would join the board as chair subject to regulatory approval. Cook's departure came after the mutual's shareholders voted against demutualising and selling to Bain Capital for £530mn in December, dealing a blow to Cook and chief executive Mark Hartigan who had backed the deal. During 2021, LV generated new business premiums - a measure of the present value of revenue to be gained from new business - of £1.6bn, an improvement on £1.3bn in 2020. Following the Bain deal collapse, the insurer also held talks with rival Royal London about a potential merger, which failed to materialise.

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