December 19, 2018 / 2:01 PM / 10 months ago

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

(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 here

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

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