Financial provider LV= has appointed ex-Lloyds bank executive Simon Moore as its new chairman.

The appointment comes after Royal London and LV=, both large mutual providers, abandoned merger talks earlier this year after LV='s earlier attempt to sell the business to private equity firm Bain Capital failed due to lack of member support.

Former LV= chairman Alan Cook stepped down late last year after the £530m board-recommended takeover of the mutual by US private equity firm Bain ended in failure. 

The insurance, investment and retirement specialist says that Mr Moore will join the board as LV= chair, subject to regulatory and other third-party approvals. 

He will succeed interim chair Seamus Creedon, who will continue in his role as a non-executive director on the LV= board. LV= is the trading name of Liverpool Victoria Financial Services.

Mr Moore has had a 30 year career in financial services, particularly in insurance and asset management. He has worked for Lloyds Banking Group, Chase Manhattan Bank, ABN AMRO, Barclays Bank and the Confederation of British Industry (CBI). 

At Chase Manhattan Bank he was a member of the global insurance team in London and New York. At ABN AMRO he focused on insurance and asset management clients.

He is currently chair at PCF Group, RCI Bank UK and Cambridge & Counties Bank. 

Seamus Creedon, LV= interim chair, said: “I am delighted that Simon has agreed to join the board at LV=. As well as his extensive commercial and technical knowledge of the life insurance sector and financial services, he has a strong track record helping businesses to grow and prosper for all stakeholders, including as chair of the specialist Cambridge & Counties Bank, and is the right candidate to lead LV= into the future.

“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.” 

Simon Moore, LV= chair, said: “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. 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."