Bain Capital buys savings, retirement business from LV= for $707 mln

LONDON, Dec 15 (Reuters) - Liverpool Victoria Financial Services has agreed to sell its savings & retirement and protection businesses to funds advised by Bain Capital Credit LP for 530 million pounds ($706.54 million), the company said on Tuesday.

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.

LV= sold its general insurance operations to Germany’s Allianz last year, and said in June that it was considering a sale of its remaining business. ($1 = 0.7501 pounds) (Reporting By Sinead Cruise, editing by Huw Jones)