LV= boss defends sale as ‘best financial outcome’ amid growing criticism

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Mark Hartigan, chief executive of LV, told the BBC’s Today programme the 178-year-old insurer’s £530 million sale to US firm Bain Capital was the “best financial outcome” for members. This is a very important brand and important British business, and it's the only bid that secures it Mark Hartigan, LV= chief executive With one month to go until members vote on the deal, concerns are growing over the group’s future in the hands of a private equity firm and the payouts being offered to members, as well as the motives behind the sale. He said: “It’s the only deal that secures our future.” “This is a very important brand and important British business, and it’s the only bid that secures it.” LV – formerly Liverpool Victoria – was founded in 1843 to allow Liverpool’s poor to cover burial costs. LV’s board agreed to the Bain capital deal after receiving around a dozen expressions of interest, including a bid from rival Royal London that is thought to have been for £10 million more than Bain.