December 19, 2018 / 1:56 PM / 5 months ago

Britain's Direct Line considering $504 mln bid for Legal & General unit- Sky News

Dec 19 (Reuters) - Britain’s largest motor insurer Direct Line indicated it is interested in making a 400 million pound ($504.36 million) bid to buy Legal & General Group’s general insurance unit, Sky News reported on Wednesday, citing City sources.

A number of insurers and financial investors are considering offers for the unit, which is seen as non-core by the British insurer, Sky News said here

L&G has been plotting the sale of the unit for a few weeks now, a source told Reuters.

Direct Line and L&G were not immediately available for comment.

$1 = 0.7931 pounds Reporting by Tanishaa Nadkar and Noor Zainab Hussain in Bengaluru and Dasha Afanasieva in London; Editing by Shinjini Ganguli

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