LV snubs rival Royal London to begin takeover talks with Bain Capital

LV snubs insurance rival Royal London to begin exclusive takeover talks with private equity firm Bain Capital

Takeover talks: LV said discussions with Bain are ongoing but there is no guarantee that a deal will go ahead

Several big-name insurers have been branded ‘disgraceful’ after confirming they will appeal a court decision ordering them to pay out to coronavirus-hit businesses.

At a hearing yesterday, Arch, Argenta, Hiscox, QBE, RSA and MS Amlin were granted permission to appeal to the Supreme Court.

Last month, the High Court found that most business interruption insurance policies should pay out to firms forced to close during lockdown.

But insurers were drawing distinctions in the wordings between policies, and could not agree on how the judgement should be interpreted.

Sonia Campbell, of law firm Mishcon de Reya who represented hospitality businesses, said: ‘The decision by insurers to appeal is another nail in the coffin for small businesses.

‘Rather than agreeing to abide by the judgment and pay claims, it is disgraceful that insurers continue to drag their feet and watch more and more of their own policyholders go to the wall.’

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