LV= panel initially rejected Bain Capital deal in favour of Royal London bid - reports

Execs sought further reassurances

A panel representing holders of LV= with-profits policies initially rejected the £530m Bain Capital deal for the insurance mutual.

According to The Times, that committee only ended its resistance to Bain Capital's deal after LV= executives went back to the private equity firm to secure further reassurances that the representatives of with-profits holders. The newspaper reported that it was still not clear whether the committee approves of the deal. The insurer said that, as a result of the deal, the capital available for distribution is expected to increase by up to 40% - capital which will be used to increase payments to with-profits members. Sale to Bain Capital gives LV= opportunity 'to accelerate growth' ...