The US parent company of Tifco, the UK's third largest premium finance provider, has been put up for sale after a business review by its owner Aegon.

Ewold Debruyner, spokesman for the Dutch insurer, said no buyers had yet been identified for Tifco's US parent company Transamerica, which Aegon acquired last July. And he was unable to say when the business might be sold.

Ian Jerrum, chief executive of Tifco, said its operations would be unaffected by the sale.

"Aegon's intention is not to break Transamerica up into its smaller parts but to sell the business wholesale. For us it remains business as usual," he said.

In a statement issued on March 1, Aegon said: "The divestments under consideration include possible asset or business unit sales, in whole or in part, as well as joint ventures."

The statement said the insurer has decided to divest itself of the non-insurance businesses of Transamerica after a strategic review. Transamerica currently manages £10bn in non-insurance assets ranging from business leasing to financing.

Tifco has a premium finance income of around £300m and has been classed by Aegon's review as one of Transamerica's non core insurance activities.

Aegon said the divestment would enable it to concentrate on its main insurance businesses of life, pensions and savings.