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LV= to be taken over by offshore firm if Bain deal goes ahead
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The insurer LV= will be taken over by a company based offshore in Jersey if members agree to deal orchestrated by US private equity firm Bain Capital that would see it lose its historic mutual status.
Bain has established a Jersey-based company called BCC Blake Bidco Ltd to carry out the takeover, according to correspondence between an independent expert and Gareth Thomas, a Labour MP and shadow minister of international trade.
Companies in Jersey and other tax havens are regularly used by private equity firms to take advantage of their 0% corporate tax rate and lower disclosure requirements. It is understood that the new owner of LV= will file UK tax returns and be subject to UK tax.
Thomas on Tuesday wrote to the Bain managing director
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