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Report: Direct Line eyeing £400M bid for Legal & General business

Direct Line Insurance Group PLC is mulling whether to make a £400 million offer for the general insurance business of Legal & General Group PLC, Sky News reported.

Direct Line's interest in Legal & General's home and contents cover division is still in the early stages and may not result in a formal bid, sources reportedly told Sky News.

Other insurers and financial investors are also reportedly assessing offers for the business, although Aviva PLC is reportedly not among them. The division is seen as noncore by Legal & General CEO Nigel Wilson, according to Sky News.

Investment bankers from Fenchurch Advisory Partners are managing the sale of the business. Direct Line and Legal & General declined to comment to the news outlet.

Sky News also reported that Direct Line is close to naming a successor to CEO Paul Geddes, who is set to leave in summer 2019.