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Ex-Bupa boss David Hynam to nurse LV back to health

Mutual insurer LV has appointed David Hynam, the former head of UK and global markets at health insurance firm Bupa, to take over as head of the company

Former Bupa boss David Hynam to nurse LV after failed private equity takeover

Mutual insurer LV has appointed a new chief executive to replace disgraced boss Mark Hartigan.

The Bournemouth-based group has appointed David Hynam, former head of UK and global markets for health insurance company Bupa and chief executive of French insurer AXA, to lead the company.

Hartigan announced his intention to step down in July after his bid to sell LV to US private equity shark Bain Capital was rejected by furious members last December.

Mutual insurer LV has appointed David Hynam, the former head of UK and global markets at health insurance firm Bupa, to take over as head of the company

Mutual insurer LV has appointed David Hynam, the former head of UK and global markets at health insurance firm Bupa, to take over as head of the company

His decision came after policyholders – who own the business because of its mutual status – launched a campaign to oust him at the company’s annual meeting next month.

LV’s customer structure is the key to its history. The 179-year-old company was founded to help Liverpool’s poor pay for decent burials, and its mutuality meant it offered products at reasonable prices without having to turn a profit for cash-hungry shareholders.

The planned sale to Bain has raised fears that this focus could substitute for profits. Members were also furious when it emerged they would only receive around £100 each from the sale.

The blocking of the takeover follows a Save LV campaign by the Mail backed by members, industry experts and politicians.

LV have also been lambasted after their board initially backed Hartigan following the failed takeover while handing him a £511,000 bonus on top of his £435,000 salary for 2021, which has been called a “reward for failure”.

Hynam, 51, said his priority would be to create a “true mutual culture” at LV, realize the “enormous” potential of the company and drive its business forward.

“I’m excited to be part of LV=’s future growth and look forward to creating opportunities, while meeting challenges head-on,” he added.

Chairman Simon Moore said Hynam was “a truly market-leading CEO” and “a perfect fit for LV’s mutual business model”.

Moore added that the appointment marked “a new era for LV” and that he would give an “unprecedented speech” to members at the group’s annual meeting on October 18 to outline the company’s next steps.

“Under my tenure, LV will be a leading example of the value that mutuality can bring both to its members and to society at large and David will be a very important part of that,” the chairman said.

Former banker Moore was named after his predecessor, Alan Cook, was forced out after the Bain debacle.

While at Bupa, Hynam led its response to the pandemic, which led to it becoming the first major health insurer to offer Covid discounts.

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