Advent mulls Co-op insurance bid

It is understood the talks are in early stages and that the group may also look at other businesses in the financial services sector.

Co-op is to announce its half-year results this week. The group is expected to detail that it has written off the value of large sums due to impaired commercial property loans from its acquisition of Britannia Building Society. The loans caused a £673.7m loss last year. Co-op will also give an update on restructuring plans, which comprise the sale of its insurance arm.

It was reported last year that Haste led a private equity consortium comprising Blackstone, Bain Capital and Advent to bid for insurer Direct Line Group.

Haste stepped down from the helm of listed insurer RSA in 2011 after eight years in the role. His tenure coincided with a boost in the company's growth and profitability.

Haste was made deputy chairman of Lloyd's of London in late 2012, succeeding Andreas Prindl.

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• Advent International
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