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Direct Line looking to buy Legal & General arm?

Direct Line looking to buy Legal & General arm? | Insurance Business UK

Direct Line looking to buy Legal & General arm?

To say it’s been a busy December for Legal & General is perhaps an understatement.

The London-headquartered financial services group – which recently launched its on-demand, pay-per-use homeshare cover and also announced a major hire this week – is said to have attracted the attention of a fellow UK insurer.

It was previously reported that Legal & General was looking to sell its general insurance unit, with Fenchurch Advisory Partners supposedly in the picture for a possible transaction. Now two major names have fallen under the spotlight – one that is reportedly interested and another that isn’t joining the race.

According to Sky News, Direct Line Group is a potential bidder. The likely offer? A higher amount, at £400 million, than an earlier approximation.  

The group is known for brands including Direct Line, Churchill, and Privilege. A swoop for L&G’s general insurance business means further consolidation among UK providers.

Meanwhile, without elaborating, the same report cited Aviva as a non-contender.