Prospective buyers are said to be circling the insurance unit of BGL Group.

According to Sky News, the group behind comparison giant comparethemarket.com is exploring its strategic options for BGL Insurance following approaches from unnamed interested parties. Reportedly handling the review is Fenchurch Advisory Partners.

Earlier this year, the insurance distributor extended its longstanding relationship with RAC Insurance and Financial Services for a further three years. The tie-up involves motor insurance and breakdown.

BGL Group, whose brands include Budget Insurance and Beagle Street, is also known for its partnerships with other UK brands. Set up in 1992, the company employs about 3,000 people.

It’s been reported that offloading BGL Insurance could fetch a likely price tag of £700 million.