Cinven In Talks for Guardian Life Insurance

Private equity shop Cinven is in talks to buy 190-year old Guardian Life Insurance in a deal that could total more than 250 million pounds ($410 million), Reuters reported, citing the Financial Times. Guardian was put up for sale last month by Dutch life assurer Aegon, which bought the company in 1999, Reuters wrote.

(Reuters) – Cinven is in exclusive negotiations to buy Guardian Life Insurance, in the first of an expected string of deals by the UK private equity group in the sector, the Financial Times said on Monday.

Cinven has been given a few weeks by the seller to negotiate a more than 250 million pound ($410 million) deal to buy the 190-year old company, the FT said, citing people close to the situation.

UK-based Guardian Life was put up for sale last month by Aegon , the Dutch life assurer.

Cinven has outflanked other interested buyers such as Apollo Global Management , the private equity group, and Swiss Re , the reinsurer, in an auction run by Goldman Sachs.

Resolution, which was thought to be finished with deal making in UK life insurance, also looked at the business, according to two people familiar with the sale, cited in the FT.

Guardian, which has a portfolio of policies totalling around 300 million pounds, was acquired by Aegon in 1999.

Both Cinven and Guardian Life were unavailable for comment.

(Reporting by Stephen Mangan; Editing by Vinu Pilakkott)