Mon, 23 Jul 2012 | BUSINESS SALE
Andy Haste, the former boss of insurer RSA Group, is heading up a private equity consortium with the aim of purchasing Direct Line Group.
RBS has aims to float Direct Line in the autumn if market conditions are suitable, but is considered likely to welcome bid interest in the insurance group.
The part nationalised bank has been working with advisers UBS, Goldman Sachs and Morgan Stanley to explore options for Direct Line, and has been putting plans in place for an IPO since May. It is expected that its value will sit above £3 billion.
Founded in April 1985 selling car insurance purely over the phone in the UK, Direct Line now has over five million customers who purchase products over the internet and phone, and also operates in Germany and Italy.
Its well known brands include Churchill, Green Flag and Privilege, and offer a wide range of services including home, travel, pet, landlord and breakdown insurance.
Mr Haste was credited for saving RSA Group from a near failure in 2003. The bid for Direct Line is at an early stage, but it is thought that an offer between £2.5 billion and £3.5 million could lead to a successful acquisition.
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