British insurance and pensions company Legal & General Group (L&G) has tabled a bid to acquire Co-operative Group’s home insurance business.
L&G has expressed interest to purchase Co-Operative’s household book and not its motor insurance business, Sky News reported.
With the sale of insurance business, for which Catalina Holdings and Anacap have also expressed interests, the British firm plans to fill the £1.5bn shortfall in its banking operation.
Advent International has also been working with the former chief executive of RSA Insurance, Andy Haste, on a possible offer for the Co-op arm, according to the news agency.
Deutsche Bank has been appointed to manage the sale process on behalf of the Co-op, whose life insurance operation has already been sold to Royal London for nearly £220m.
L&G purchased numerous businesses since Nigel Wilson, its former finance director, took over as chief executive last year.
In June, Legal & General Group entered into an agreement to purchase the whole share capital of Lucida in a deal valued at nearly £151m from LCM Holdings.