Liverpool Victoria Financial Services has agreed to sell its savings & retirement and protection businesses to funds advised by Bain Capital Credit LP for $706.54 million, the company disclosed.

Under terms of the deal, LV’s with-profits business will be ring-fenced in a separate fund and closed to new business.

The capital available for distribution is expected to increase by up to 40% as a result of the transaction and will be used to increase payments to with-profits members as their policies mature.

The acquisition is subject to regulatory approval, and approval from LV members, and is expected to complete by the end of 2021.



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