MPs To Weigh Future Of Mutual Sector Amid LV Deal

By Martin Croucher (November 19, 2021, 2:45 PM GMT) -- Senior MPs said on Friday they will weigh the impact of the proposed £530 million ($713 million) takeover of insurer Liverpool Victoria by a U.S. private equity firm on Britain's mutual financial sector next week, amid mounting opposition to the deal.

The influential parliamentary Treasury Committee said it would take evidence from industry executives in a hearing on Wednesday, on whether so-called demutualization was a "threat or opportunity." Mutuals are companies that are owned by their members. Insurance company LV will lose that status if its members vote on Dec. 10 in favor of a takeover from U.S. private equity company...

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