Andy Haste reportedly keen to buy the general insurance arm from the beleaguered Co-op Group

Former RSA chief executive Andy Haste is reportedly teaming up with Towergate’s private equity backer, Advent International, in a bid to buy the Co-op general insurance arm, Sky News reports.

Haste has previously worked with Advent on a deal for Direct Line, although that did not come to fruition.

Haste is credited with saving RSA from the brink of collapse when he took over in 2003. He stepped down in 2011.

Co-op was originally thought to be seeking £600m for the insurance arm, but most market commentators believe that price is too optimistic.

If the deal goes through, Advent will become a key shareholder in both Towergate and Co-op.

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