LV= fights back on Bain deal with ‘£212m more for members’ claim

Mutual insurer defends sale to US private equity firm but reward for most members would be only 100

The insurer LV= has claimed that a takeover by the US private equity firm Bain Capital will result in 212m in extra distributions for members, as it tried to fight back against criticism of its decision to demutualise.

The 178-year-old life insurance and pensions provider, formerly known as Liverpool Victoria, has accepted an approach by Bain for 530m in a deal that would end its member-owned status. However, members must back the takeover in a vote on 10 December, and the deal has triggered a political storm.