Why LV’s statement in support of Bain Capital takeover doesn’t add up

LV says it’s business was ‘sub scale’ and in need of capital. So why, James Moore asks, is a ruthless organisation like Bain, whose partners have been made absurdly wealthy through picking winners, interested?

LV= bosses have defended their decision to sell to Bain Capital (Tony Marshall/PA) (PA Archive)

LV=, the customer owned insurer, seems to have woken up to the fact that it may have a problem with convincing its customers to sell up to a private equity firm, Bain Capital, for 100 quid a pop.

As such, it has issued the snappily titled “Further Detail On the 2020 Strategic Review & How the Proposed Bain Capital Transaction Was Carefully Compared To Other Options”. Try saying that twice at speed.

The first, and most obvious, question for LV is why only now?