Bain Capital is one of the leading global private investment firms
Founded in 1984, the firm has a global footprint with investments across a variety of industries and geographies.
They have approximately £110bn of assets under management across a number of investment strategies. With offices across the world, Bain Capital’s London office was founded twenty years ago and now employs over 150 people.
Bain Capital invests with a clear focus on growth, and has a track record of supporting management teams and corporate partners in achieving their strategic objectives by providing investment capital, operational and strategic insight, industry expertise and access to its global networks and resources.
The Bain Capital team leading the LV= transaction has extensive experience in investing and working with insurers. Bain Capital has also been a leading investor in the UK for the past fifteen years and in financial services globally.
The future of LV=
LV= and Bain Capital have a shared focus on customer experience, particularly the expansion of LV=’s digital offering, as well as face-to-face advice and relationships with financial advisers, remains key to the LV= strategy. Their focus is on driving growth to help companies deliver a better experience for customers and employees.
Bain Capital is committed to the continuation of the LV= brand and customer focus. They will also support LV= to continue its existing corporate responsibility agenda – investing in LV=‘s communities, safeguarding the environment, continuing to adopt responsible business practices and enhancing LV=‘s internal values and customer ethos.
Bain Capital in the community
Bain Capital has consistently demonstrated that it plays an active role in the communities in which it operates.
In 2020 it committed to providing more than £75 million from its partners over the next 10 years to not-for-profit organisations focused on social justice, civil rights and racial equality. It also created a £29 million COVID relief program to help its communities and companies weather the storm.
Bain Capital is committed to making a lasting impact for their investors, businesses, teams and the communities in which they work and live. They strive to integrate environmental, social and governance (ESG) considerations into the way they operate as a firm, in their investment process and portfolio approach.
They believe that strong ESG management leads to better investment outcomes and contributes positively to the environment and society. They are committed to building better businesses, and having positive, lasting impact as a firm and through their investments.
The Board undertook a thorough and extensive strategic review, including comparing the internal options of remaining ‘as is’ and closing to new business. Chosen from 12 external bids, the Bain Capital transaction was identified as benefiting all LV= members and providing LV= With-profits policyholders with higher expected benefits than the internal options.
Bain Capital was the only option that offered both an excellent financial outcome for members, and gave unrivalled support for the LV= brand, our people and UK based locations. As part of the strategic review process, the 12 bids broadly offered LV= two very different kinds of propositions:
Bain Capital put forward a proposal that provides an excellent financial outcome for members. This is reflected not only in the purchase price but also through defined cost schedules for administration and investment charges, allowing us to manage our costs to the benefit of our LV= With-profits policyholders even as the number of With-profits policies reduces. These charges were taken into account by the With-Profits Committee and the Board as part of their overall consideration of the transaction. The proposal also offers a continued strong level of governance for With-profits policyholders.
Bain Capital was the party to offer the strongest commitment to the future of LV= and our people. None of the bids considered by the Board would have enabled LV= to remain as a standalone mutual. Only this offer was supportive of an ongoing presence in our three locations in Bournemouth, Exeter and Hitchin. This gives our people the opportunity to participate in an exciting future, supports the communities we serve and provides ongoing competition and choice in the UK market.
Bain Capital frame their expectations for the firm and investments with five core ESG commitments which inspire and motivate positive impact:
To realise these goals, they take an approach that is both:
We're here for you if you have any concerns or questions