The bid could be for as much as £500m according to news reports. The company was thought to be considering a public listing last year, though this is now said to be off the cards, according to a source familiar with the situation.
The source also said that any deal was in the “very, very early stages”, with other options including a trade sale or refinancing , with new or existing lenders.
CVC currently owns Acromas, which was formed in September 2007 as part of a £6.15bn merger between over 50s financial services company Saga and UK motoring organisation the AA.
Today CVC also named formerly group chief executive of Lloyds Banking Group Eric Daniels to its global financial institutions advisory board.
Daniels, who is based in the UK, was also previously group chief executive of Lloyds TSB, a position he took up in June 2003. He joined Lloyds in 2001, when he was appointed to the board as group executive director with responsibility for the retail banking division. He began his career with Citibank where he spent 25 years.
Investments in the financial services space include aircraft leasing company Avolon Aerospace, Hong Kong consumer finance and financial services company Sun Hung Kai Financial, specialty property and casualty insurer and reinsurer Brit Insurance, Philippines banking group universal banking services Rizal Commercial Banking Corporation, and loss adjusting and claim management companies Cunningham Lindsey.
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