MPs To Probe £530M LV Takeover Amid Competition Concerns

Law360, London (February 8, 2021, 4:30 PM GMT) -- U.K. lawmakers have opened an official probe into the £530 million ($725 million) acquisition of mutual insurer Liverpool Victoria Financial Services Ltd., by private investor company Bain Capital Credit LP.

The All-Party Parliamentary Group for Mutuals said on Sunday it wants to understand whether the sale of the insurer, trading as LV, will result in less competition for insurance.

"Members of the parliamentary group are concerned at what impact the sale will have on LV members, the insurance industry and competition and choice in financial services," said Labour Party MP Gareth Thomas, the chair of the APPG. "We are also interested...

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