Hamilton Insurance Group and Cinven Capital Management (V) General Partner Ltd are among the competitors seeking to buy Liberty Mutual Holding Co. Inc.'s Lloyd's platform Pembroke Managing Agency Ltd., Insurance Insider reported.

The sale process, run by Evercore Inc., is in its second round, according to the report. First-round bids were submitted in November.

Any proposed deal would involve Liberty Mutual holding on to previous years' business and selling renewal rights, the managing agency and staff. Insurance Insider said that a buyer would then have to capitalize the business, which may cost approximately £400 million.

Liberty Mutual has been looking to off-load Pembroke, which it bought in 2017 as part of its acquisition of Ironshore Inc., for some time. Pembroke writes specialty insurance products for individuals, groups and businesses in the U.K. through Lloyd's of London Syndicate 4000.

Hamilton Insurance and Cinven declined to comment, and Liberty Mutual did not respond to Insurance Insider's request for comment.