Former Rarrigini & Rosso (R&R) chief executive, Julie Rodilosso is believed to be mounting a bid to buy software house Misys General Insurance.
Sources close to Misys said Rodilosso, one of the industry's more colourful figures, had been seeking the capital to support a takeover bid.
The source said: "She wants to spearhead the bid, and has been out in the market trying to raise the money."
Misys announced it was considering selling off its general insurance business in November last year.
Rodilosso left her sales position at Misys to develop Fleet UK and Property UK, both of which were later sold to broker Thompson Heath Bond (THB).
She later became chief executive of R&R which founded software solutions arm 24 7. The company closed in 2003 after, sources said, 24 7 had drained it of all funds.
Another market source said: "She is a feisty lady, and it wouldn't be surprising if she returned to the market."
Misys declined to comment. Rodilosso was unavailable for comment as Insurance Times went to press.