New York-based risk and financial management firm Towers Watson has placed its reinsurance broking arm for sale.
The company is also planning to rope in one of the Wall Street banks to sell the business. The sale price has not been disclosed, but it is expected to be around $350-400m.
Some of the bidders, which have already joined the list to purchase the business, include Willis, AJ Gallagher, Cooper Gay and TigerRisk, reported The Insurance Insider.
The company also approached a number of likely buyers, including Aon Benfield and Guy Carpenter.
The broking business came in its current form after the acquisition of London market reinsurance firm Denis Clayton in 2002 by Towers Watson.
Although, the company has received number of bids for its reinsurance business, it is likely to be passed by the bidders.
Regardless of the outcome of the sale of Watson's reinsurance arm, Aon Benfield will continue to be the largest reinsurance broker.
Meanwhile, TigerRisk has shown a preference for organic growth in the US.
