The broker distributes policies for the likes of Marks and Spencer and the RAC

BGL Group, owner of price comparison platform ComparetheMarket, is exploring the sale of its insurance arm for £700m, according to Sky News

The group’s insurance division distributes policies for partners such as retailer Marks and Spencer and motoring brand RAC.

The business has reportedly appointed bankers from Fenchurch Advisory Partners to conduct a review of strategic options for the broker.

It is understood that the review was triggered by inbound approaches from an undisclosed number of potential acquirers.

A BGL spokesperson told Insurance Times that “approaches do happen. We have a duty to explore them, but there’s nothing further to say at this stage”.

In March 2021, BGL Group ended Q1 by announcing a new three-year extension of its RAC partnership.

Mark Townsend, managing director of BGL’s motor and home insurance division, said at the time that “the insurance industry as a whole is going through a period of change and, therefore, we are delighted to continue working with the RAC to help it realise its ambitions in the motor insurance arena”.

BGL Insurance, part of the BGL Group, provides a range of motor, home and life insurance products in partnership with several UK financial services businesses and its wholly owned brands – Beagle Street, Budget Insurance and Dial Direct.