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Direct Line considering £400 million bid for Legal & General unit - Sky News

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By Reuters
Direct Line considering £400 million bid for Legal & General unit - Sky News
FILE PHOTO - A photo illustration shows insurance renewal notices from Direct Line in London October 10, 2012. REUTERS/Suzanne Plunkett   -   Copyright  Suzanne Plunkett(Reuters)

(Reuters) – Britain’s largest motor insurer Direct Line <DLGD.L> indicated it is interested in making a 400 million pound bid to buy Legal & General Group’s <LGEN.L> general insurance unit, Sky News reported on Wednesday, citing City sources.

A number of insurers and financial investors are considering offers for the unit, which is seen as non-core by the British insurer, Sky News said https://news.sky.com/story/direct-line-plots-400m-bid-for-legal-general-unit-11585904.

L&G has been plotting the sale of the unit for a few weeks now, a source told Reuters.

Direct Line and L&G were not immediately available for comment.

(Reporting by Tanishaa Nadkar and Noor Zainab Hussain in Bengaluru and Dasha Afanasieva in London; Editing by Shinjini Ganguli)