The buyout houses have teamed up to bid for the business according to Reuters, which cited two sources as saying the deal could value LBL at between $500m and $900m.
They added that Goldman Sachs was handling the sale process.
Last week Cinven-backed life insurer Partnership Assurance Group debuted on the London Stock exchange trading at a 17 per cent premium on its listing price, with an estimated value of over £1.8bn.
The listing represented a seven times return for the private equity firm, with gross proceeds of over £300m for Cinven investors at IPO.
Cinven acquired Partnership for £158m in August 2008.
Copyright © 2013 AltAssets