Royal and SunAlliance (R&SA) has placed its private medical insurance up for sale, according to The Business.
The newspaper claimed that as part of the troubled insurer's radical restructuring plan, an information memorandum has now been sent to prospective buyers.
The report claimed that Norwich Union, Bupa and Axa have expressed an interest. Several equity groups are also expected to show interest, including Candover, Apax and HG Capital.
However former chief executive Richard Gamble attacked the plans to shrink its business through asset sales to solve its capital shortage.
Gamble said he believes the businesses earmarked for sale are among the most profitable operations.
The sale would release between £250 — £300m of cashflow for RSA although the selling price would be lower.
