Initiative emerged as the winner from a shortlist of four, made up by Vizeum (Carat's stablemate at Dentsu Aegis Network), Mindshare and the7stars.
Nick Whitnell, head of marketing for LV= General Insurance, and Ben Ralph, head of direct marketing for Life & Pensions, ran the pitch process.
They said: "Initiative has the right mix of resource, culture and expertise to be a great partner for LV= and they will definitely help us compete in what is a very aggressive market place and ensure we push the brand to the next level."
LV='s marketing is ultimately handled by Heather Smith, who was promoted to managing director of the Direct business in June from chief customer officer but retained responsibility for digital and marketing and was involved in the media review.
The review was handled by MediaSense and did not affect creative agency Designate’s relationship with LV=.
LV= appointed TH_NK last year to advise the brand on its digital transformation strategy.
Editor's note: this article originally said Carat re-pitched; it was amended on 19 September to clarify that Vizeum pitched, not Carat.