A leading investment bank has been asked to find a buyer for The Underwriter, according to sources.

It follows the downgrading last week of the company's financial strength rating to BBB+ from A m ...

A leading investment bank has been asked to find a buyer for The Underwriter, according to sources.

It follows the downgrading last week of the company's financial strength rating to BBB+ from A minus, by Fitch.

A market source said: "A large investment bank has been given the mandate to sell The Underwriter.

"It has been hawking the company around but, so far, it has been unable to find a buyer."

Brit Insurance, which faces a challenge from a rival bidder in its attempt to acquire PRI, is rumoured to be interested in taking over.

Last month, The Underwriter's founder and chief executive Keith Rutter resigned from the company.

It is understood Rutter quit because his requests for more capital were denied by The Underwriter's backer Morgan Stanley.

The Underwriter declined to comment on market speculation.