Zurich Financial Services is close to selling Claims Management Group Ltd (CMGL) to private equity firms Sovereign Capital or Gresham, reports said today.

CMGL is in advanced talks with the two company's and is expected to enter exclusive talks with one party by the end of the month.

The run-off firm manages $5bn in gross liabilities globally. It also manages insurance schemes on behalf of the Lloyd's of London syndicates and the FTSE companies.

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