L&G hires Goldman Sachs to advise on bid for Co-Op insurance unit-source

Reuters

LONDON, Dec 12 (Reuters) - UK Insurer Legal & General has hired Goldman Sachs to advise on a possible bid for the general insurance arm of the Co-operative Group, a source familiar with the process said.

The group, which has already sold its life insurance and savings business, expects to sell its general insurance business during 2014.

Legal & General, Goldman Sachs and the Co-op declined to comment.

The Co-op group is battling a capital shortfall at its bank and scandal over alleged drug-taking by its former chairman.

Earlier on Thursday it appointed ex-Treasury minister Paul Myners to review its operations for a token one-pound salary.

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