LV=
Encyclopedia
LV is the UK's largest friendly society
with approximately 1.1 million members.
, and for many decades Liverpool Victoria was most commonly associated with "penny policies" collected door to door by a cross country team of agents to provide a method of saving to people of modest means. Today LV= expresses its mission as enabling people to "look after what they love" by the provision of insurance, investment and retirement solutions.
It is incorporated under the provisions of the Friendly Societies Act 1992
and has its registered address, and head office
, at County Gates
, Westbourne
, Bournemouth
BH1 2NF. It is regulated by the Financial Services Authority
.
As a mutual company LV has no shareholders and is owned by its members.
Since May 2007 the society has traded under the "LV=" brand.
products covering motor, home
, pet
, travel
and small business
insurance are provided by Liverpool Victoria Insurance Company Limited. Products are sold both directly to the public over the telephone and internet
and, under the ABC Insurance brand, through insurance broker
s. This latter distribution channel was boosted in October 2008 by the £150 million acquisition of Highway Insurance Group PLC, following a successful public offering
for its shares
. Since 2007 the general insurance division has also owned Britannia Rescue, the UK's fourth largest road rescue
business., which in 2009 won a contract to be the exclusive provider of road rescue services to the customers of Asda
. General insurance products are also sold through white label partnership arrangements including Nationwide Building Society
, and CSMA Club
, the latter arrangement dating back to 1923.
, whole life insurance
and pensions are provided by Liverpool Victoria Friendly Society Limited and Liverpool Victoria Life Company Limited. Since January 2008 the product range has been augmented by flexible retirement solutions and equity release
schemes through the acquisition from Swiss Re
of the former G E Life
businesses in the United Kingdom
..
In 1999 Liverpool Victoria was heavily criticised in a report by the Personal Investment Authority
for "serious and widespread compliance failings" including hiring inept staff who offered customers poor financial advice. The Society was fined £900,000, the largest fine ever handed out by the PIA at the time.
alongside loans.
, Brentwood
, The City of London, Hitchin
, Bristol
, Leeds
, Huddersfield
and Exeter
.
had in November 2006 failed to acquire through a WIPO
law suit .
from 1997-2000. It has sponsored the cricket
County Championship
since 2002, initially (2002-2005) as Frizzell (the name of an old established insurance business acquired in 1996), in 2006 as Liverpool Victoria and since 2007 as LV=. In rugby union
, LV= signed a three year sponsorship deal with Premiership
club Harlequins
in October 2008, and in October 2009 signed a two-year deal to become title sponsor of the Anglo-Welsh Cup.
, and the latter featuring Cilla Black
.
Friendly society
A friendly society is a mutual association for insurance, pensions or savings and loan-like purposes, or cooperative banking. It is a mutual organization or benefit society composed of a body of people who join together for a common financial or social purpose...
with approximately 1.1 million members.
History and legal constitution
Liverpool Victoria Friendly Society Limited was founded in 1843 as a burial societyBurial society
A burial society is a form of friendly society. These groups historically existed in England, and constituted for the purpose of providing by voluntary subscriptions, for insuring money to be paid on the death of a member, or for the funeral expenses of the husband, wife or child of a member, or of...
, and for many decades Liverpool Victoria was most commonly associated with "penny policies" collected door to door by a cross country team of agents to provide a method of saving to people of modest means. Today LV= expresses its mission as enabling people to "look after what they love" by the provision of insurance, investment and retirement solutions.
It is incorporated under the provisions of the Friendly Societies Act 1992
Friendly Societies Act 1875
The Friendly Societies Act 1875 was an Act of the Parliament of the United Kingdom passed by Benjamin Disraeli's Conservative Government following the publication of the Royal Commission on Friendly Societies' Final Report....
and has its registered address, and head office
Head Office
Head Office is a 1985 American comedy film, produced by HBO Pictures in association with Silver Screen Partners. It stars Judge Reinhold, Eddie Albert, Lori-Nan Engler, Jane Seymour, Richard Masur, Michael O'Donoghue, Ron Frazier, Merritt Butrick and was directed and written by Ken...
, at County Gates
County Gates
County Gates is the historic crossing point between the shire counties of Dorset and Hampshire. On April 1, 1974 when Bournemouth and Christchurch were incorporated into Dorset, it became the main crossing point between the Borough of Poole and the Borough of Bournemouth...
, Westbourne
Westbourne, Dorset
Westbourne is an affluent residential and shopping area of Bournemouth, Dorset. It is located in between Branksome, Poole and the centre of Bournemouth, just off the main A338. Poole Road, mainly full of specialised shops and small cafes, runs though the centre Westbourne with Seamoor Road curving...
, Bournemouth
Bournemouth
Bournemouth is a large coastal resort town in the ceremonial county of Dorset, England. According to the 2001 Census the town has a population of 163,444, making it the largest settlement in Dorset. It is also the largest settlement between Southampton and Plymouth...
BH1 2NF. It is regulated by the Financial Services Authority
Financial Services Authority
The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
.
As a mutual company LV has no shareholders and is owned by its members.
Since May 2007 the society has traded under the "LV=" brand.
General insurance
General insuranceGeneral insurance
General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance typically comprises any insurance that is not determined to be life insurance. It is called property and...
products covering motor, home
Home insurance
Home insurance, also commonly called hazard insurance or homeowner's insurance , is the type of property insurance that covers private homes...
, pet
Pet insurance
Pet health insurance pays the veterinary costs if one's pet becomes ill or is injured in an accident. Some policies will also pay out when the pet dies, or if it's lost or stolen....
, travel
Travel insurance
Travel insurance is insurance that is intended to cover medical expenses, financial default of travel suppliers, and other losses incurred while traveling, either within one's own country, or internationally...
and small business
Small business
A small business is a business that is privately owned and operated, with a small number of employees and relatively low volume of sales. Small businesses are normally privately owned corporations, partnerships, or sole proprietorships...
insurance are provided by Liverpool Victoria Insurance Company Limited. Products are sold both directly to the public over the telephone and internet
Internet
The Internet is a global system of interconnected computer networks that use the standard Internet protocol suite to serve billions of users worldwide...
and, under the ABC Insurance brand, through insurance broker
Insurance broker
An insurance broker finds sources for contracts of insurance on behalf of their customers. The three largest insurance brokers in the world, by revenue, are Aon, Marsh & McLennan, and Willis Group Holdings.-Purpose of insurance brokers:...
s. This latter distribution channel was boosted in October 2008 by the £150 million acquisition of Highway Insurance Group PLC, following a successful public offering
Takeover
In business, a takeover is the purchase of one company by another . In the UK, the term refers to the acquisition of a public company whose shares are listed on a stock exchange, in contrast to the acquisition of a private company.- Friendly takeovers :Before a bidder makes an offer for another...
for its shares
Share (finance)
A joint stock company divides its capital into units of equal denomination. Each unit is called a share. These units are offered for sale to raise capital. This is termed as issuing shares. A person who buys share/shares of the company is called a shareholder, and by acquiring share or shares in...
. Since 2007 the general insurance division has also owned Britannia Rescue, the UK's fourth largest road rescue
Vehicle recovery
Vehicle recovery is the recovery of any vehicle to another place, generally speaking with a commercial vehicle known as a recovery vehicle, tow truck or spectacle lift....
business., which in 2009 won a contract to be the exclusive provider of road rescue services to the customers of Asda
Asda
Asda Stores Ltd is a British supermarket chain which retails food, clothing, general merchandise, toys and financial services. It also has a mobile telephone network, , Asda Mobile...
. General insurance products are also sold through white label partnership arrangements including Nationwide Building Society
Nationwide Building Society
Nationwide Building Society is a British building society, and is the largest in the world. It has its headquarters in Swindon, England, and maintains significant administration centres in Bournemouth and Northampton...
, and CSMA Club
Civil Service Motoring Association
The Civil Service Motoring Association is a British motoring and leisure association.CSMA was established in 1923...
, the latter arrangement dating back to 1923.
Life assurance
Life assurance products covering with-profits assurance, term assuranceTerm life insurance
Term life insurance or term assurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or...
, whole life insurance
Whole life insurance
Whole Life Insurance, or Whole of Life Assurance , is a life insurance policy that remains in force for the insured's whole life and requires premiums to be paid every year into the policy.-History:...
and pensions are provided by Liverpool Victoria Friendly Society Limited and Liverpool Victoria Life Company Limited. Since January 2008 the product range has been augmented by flexible retirement solutions and equity release
Equity release
Equity release is a means of retaining use of your house or other object which has capital value, while also obtaining a lump sum or a steady stream of income, using the value of the house....
schemes through the acquisition from Swiss Re
Swiss Re
Swiss Reinsurance Company Ltd , generally known as Swiss Re, is a Swiss reinsurance company. It is the world’s second-largest reinsurer, after having acquired GE Insurance Solutions. The company has its headquarters in Zurich...
of the former G E Life
General Electric
General Electric Company , or GE, is an American multinational conglomerate corporation incorporated in Schenectady, New York and headquartered in Fairfield, Connecticut, United States...
businesses in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
..
In 1999 Liverpool Victoria was heavily criticised in a report by the Personal Investment Authority
Financial Services Authority
The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
for "serious and widespread compliance failings" including hiring inept staff who offered customers poor financial advice. The Society was fined £900,000, the largest fine ever handed out by the PIA at the time.
Investments
In August 2011 it was announced that the fund management services and OEICS provided by Liverpool Victoria Asset Management Limited and Liverpool Victoria Portfolio Managers Limited would be transferred to Threadneedle Asset Management as LV= had failed to achieve sufficient scale, despite having some £8 billion of funds under management.Banking
Liverpool Victoria Banking Services Limited provided loans and credit cards until 2007 when this business was closed following heavy losses.. In 2008 the company was fined £840,000 by the FSA in connection with its past sale of payment protection insurancePayment protection insurance
Payment protection insurance, is an insurance product that is often designed to cover a debt that is currently outstanding Payment protection insurance, (also known as PPI, credit protection insurance, loan repayment insurance, not to be confused with income protection or credit card cover) is an...
alongside loans.
Offices
While the head office is in Westbourne, LV has significant branch offices in CroydonCroydon
Croydon is a town in South London, England, located within the London Borough of Croydon to which it gives its name. It is situated south of Charing Cross...
, Brentwood
Brentwood, Essex
Brentwood is a town and the principal settlement of the Borough of Brentwood, in the county of Essex in the east of England. It is located in the London commuter belt, 20 miles east north-east of Charing Cross in London, and near the M25 motorway....
, The City of London, Hitchin
Hitchin
Hitchin is a town in Hertfordshire, England, with an estimated population of 30,360.-History:Hitchin is first noted as the central place of the Hicce people mentioned in a 7th century document, the Tribal Hidage. The tribal name is Brittonic rather than Old English and derives from *siccā, meaning...
, Bristol
Bristol
Bristol is a city, unitary authority area and ceremonial county in South West England, with an estimated population of 433,100 for the unitary authority in 2009, and a surrounding Larger Urban Zone with an estimated 1,070,000 residents in 2007...
, Leeds
Leeds
Leeds is a city and metropolitan borough in West Yorkshire, England. In 2001 Leeds' main urban subdivision had a population of 443,247, while the entire city has a population of 798,800 , making it the 30th-most populous city in the European Union.Leeds is the cultural, financial and commercial...
, Huddersfield
Huddersfield
Huddersfield is a large market town within the Metropolitan Borough of Kirklees, in West Yorkshire, England, situated halfway between Leeds and Manchester. It lies north of London, and south of Bradford, the nearest city....
and Exeter
Exeter
Exeter is a historic city in Devon, England. It lies within the ceremonial county of Devon, of which it is the county town as well as the home of Devon County Council. Currently the administrative area has the status of a non-metropolitan district, and is therefore under the administration of the...
.
Brand and image
Following the appointment of Mike Rogers as the new Chief Executive in 2006, LV= has undergone significant change in an effort to modernise its image and to re-invent itself in the face of the gradual industry-wide decline in with-profits assurance.LV= and LV.com
In early 2007 the name Liverpool Victoria was dropped (although it remains the formal name of most legal entities within the group) in favour of LV=. A distinctive green heart icon has also become a symbol of the group in its advertising, playing on the visual similarity of LV= to the word LOVE. Shortly after the rebranding LV= acquired the internet domain name LV.com, which the French luxury goods manufacturer Louis VuittonLouis Vuitton
Louis Vuitton Malletier – commonly referred to as Louis Vuitton , or shortened to LV – is a French fashion house founded in 1854 by Louis Vuitton. The label is well known for its LV monogram, which is featured on most products, ranging from luxury trunks and leather goods to ready-to-wear, shoes,...
had in November 2006 failed to acquire through a WIPO
World Intellectual Property Organization
The World Intellectual Property Organization is one of the 17 specialized agencies of the United Nations. WIPO was created in 1967 "to encourage creative activity, to promote the protection of intellectual property throughout the world"....
law suit .
Sponsorship
In recent years the society has promoted itself through sponsorship of sport. As Liverpool Victoria, it sponsored the UK Snooker ChampionshipUK Snooker Championship
The UK Championship is a professional ranking snooker tournament. It is the second biggest ranking tournament after the World Championship and is one of the Triple Crown events.-History:...
from 1997-2000. It has sponsored the cricket
Cricket
Cricket is a bat-and-ball game played between two teams of 11 players on an oval-shaped field, at the centre of which is a rectangular 22-yard long pitch. One team bats, trying to score as many runs as possible while the other team bowls and fields, trying to dismiss the batsmen and thus limit the...
County Championship
County Championship
The County Championship is the domestic first-class cricket competition in England and Wales...
since 2002, initially (2002-2005) as Frizzell (the name of an old established insurance business acquired in 1996), in 2006 as Liverpool Victoria and since 2007 as LV=. In rugby union
Rugby union
Rugby union, often simply referred to as rugby, is a full contact team sport which originated in England in the early 19th century. One of the two codes of rugby football, it is based on running with the ball in hand...
, LV= signed a three year sponsorship deal with Premiership
Guinness Premiership
The English Premiership, also currently known as the Aviva Premiership because of the league's sponsorship by Aviva, is a professional league competition for rugby union football clubs in the top division of the English rugby system. There are twelve clubs in the Premiership...
club Harlequins
Harlequin F.C.
The Harlequin Football Club is an English rugby union team who play in the top level of English rugby, the Aviva Premiership. Their ground in London is Twickenham Stoop...
in October 2008, and in October 2009 signed a two-year deal to become title sponsor of the Anglo-Welsh Cup.
Television
In 2007, for the first time in the society's history, television advertising was employed for car insurance and life assurance, the former featuring the song Have Love, Will TravelHave Love, Will Travel
"Have Love, Will Travel" is a 1959 song written and recorded by Richard Berry.-Covers:In its most known instantiation, the garage rock-protopunkers The Sonics covered the song in 1965 and it appeared on their album Here Are The Sonics of that year...
, and the latter featuring Cilla Black
Cilla Black
Cilla Black OBE is an English singer, actress, entertainer and media personality, who has been consistently popular as a light entertainment figure since 1963. She is most famous for her singles Anyone Who Had A Heart, You're My World, and Alfie...
.