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LV=: "We all came to the firm conclusion it would not be fair for us to ask our With-profit members to finance a future that requires significant investment."
Amid a proposed sale that has turned public, with details and rumours flooding the news, LV= has set out another statement, this one explaining why it chose to sell to private equity firm Bain Capital and selected its bid among 11 others.
After the mutual sold its general insurance business in 2017 and 2019, which it deemed necessary to bolster its "weak capital position", the company said its 2020 strategic review came to the conclusion...
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