this year have included plans to sell its 50 per cent shareholding in Tesco Personal Finance
The entrance of CVC and Swiss Re who were both unavailable for comment into the race will be seen as a setback for US insurer Allstate, which has reportedly been in pole position to buy the entire business.
CVC and Swiss Re in for RBS insurance
CVC is said to be putting up most of the capital to fund the deal, with Swiss Re underwriting the risk.
It was reported that the pair are in advanced talks to buy a 51 per cent stake in the operation which includes the Direct Line and Churchill brands in a deal valuing the overall business at more than 6bn, a report said.
RBS, which has been battered by the credit crunch, could end up being 60 per cent owned by taxpayers after calling for 20bn under the Government's Air Max 90 Red Grey banking bailout plans last week.
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Another potential buyer, insurance giant Zurich, pulled out of the running in the summer. Other fundraising moves announced by RBS Nike Air Max 90 2016 Womens
RBS put the insurance business up for sale six months ago when it unveiled plans for a 12bn cash call on its shareholders to weather the credit storm.
The approach is being led by former RBS chief financial officer Fred Watt, who joined CVC last year, the report said.
in the first instance to: Rob Irvine, editor, Manchester Evening News, Mitchell Henry House, Hollinwood Avenue, Chadderton, Oldham OL9 8EP.
It is the UK's largest insurer of cars, as well as a major player in travel, home and pet insurance.
RBS is the second largest general insurer in the UK and has 18,000 staff.
to the supermarket giant, its joint venture partner, for 950m.
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Chief executive Sir Fred Goodwin resigned last Monday, becoming the UK's biggest executive scalp of the crisis so far.
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