Australian insurance giant IAG is reported to be lining up a bid for the insurance division of Provident Financial.
Provident Financial announced yesterday that it had been approached by a number of third parties in relation to Provident Insurance, and had commenced discussions regarding a possible sale.
IAG which is currently rampaging it way through the UK insurance market having acquired both Equity (£570m) and Hastings Insurance Services (£140m) in recent months.
Other insurance heavyweights rumoured to have thrown their hats into the bidding ring include AXA, which last week acquired Stuart Alexander and Layton Blackham, and Fortis.
