LV heads for Highway at £150 million

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The deal is part of the friendly society's plan to expand its insurance business. Liverpool Victoria, which now brands itself LV=, was fined £840,000 by watchdogs last month for breaking regulations over the sale of 15,000 payment protection policies.

Today it insisted it has put such failings behind it, agreeing a deal for Highway at 73.35p a share. Chief executive Mike Rogers said: "General insurance is central to LV's growth plans, and our stated ambition it to become a top five insurer in our chosen markets by 2012."

The mutual bought ABC Insurance two years ago, a start-up insurer created by Churchill founders John O'Roarke and Peter Horton. Highway Liverpool Victoria is the biggest remaining friendly society, looking after assets of £7.5 billion.