LV appoints chair after failed takeover

LV appoints chair after failed takeover
Simon Moore, LV's incoming chair

Liverpool Victoria has appointed its new chair, Simon Moore, who will succeed the mutual’s interim chair, Seamus Creedon.

Creedon took on the role temporarily in February following the announcement of the departure of Alan Cook in December, when LV’s takeover by private equity firm Bain Capital fell apart due to not enough members voting for the deal.

Moore, whose career traces through various banks including Lloyds Banking Group, Chase Manhattan Bank, ABN AMRO, and Barclays, brings with him both life insurance and asset management experience.

Following the failed takeover, LV has focused on growing the investors in its Smoothed Managed Funds in order to boost its with-profit membership base, which had dropped by more than 40 per cent between 2017 and 2020.

Moore’s asset management experience aligns with LV’s fund-focused strategy, which executives have said has been - and will continue to be - key to LV’s turnaround.

The new chair is currently also the chair of three banks: PCF Bank, RCI Bank UK, and Cambridge and Counties Bank. Though he is due to finish his term at Cambridge and Counties Bank this year.

Following his banking career, in 2011 Moore joined the Confederation of British Industry, a not-for-profit organisation which claims to represent some 18,000 businesses nationally.

He then chaired Pennant Group, before stepping down last year. In its announcement today (June 7), LV highlighted “the transformation and turnaround of the business” Moore oversaw during his time at the helm of the firm.

"I am honoured to be taking the chair of such a distinguished British business and at such an important time in LV's 179-year history,” said Moore.

“I was attracted to the strength of the LV brand and mutual ethos, and my focus will be on building a strong and thriving business for the benefit of our members, advisers and employees.

"As chair, I am determined that LV will put its members at the heart of everything we do, as we drive the business forward.”

Moore added that he was looking forward to leading LV’s future “as part of a vibrant mutual sector”.

The new chair is also a qualified cricket umpire and previously volunteered in the government office of the south west.

Creedon will step back down to LV’s board, pending regulatory and third-party approvals of Moore’s appointment.

“As well as his extensive commercial and technical knowledge of the life insurance sector and financial services, he [Moore] has a strong track record helping businesses to grow and prosper for all stakeholders,” said Creedon.

"It has been a privilege to serve as interim chair since February and I very much look forward to working with Simon to ensure a smooth handover."