BC Partners and Apollo Management, the private equity firms, are considering putting in a bid for Royal Bank of Scotland Insurance
with Patrick Snowball, the previous head of Aviva's UK operations.
The £7 billion insurance unit at RBS was put on the market last year. The new chief executive Stephen Hester, however, might keep the unit that includes Churchill and Direct Line, despite the fresh interest.
The consortium is to decide on whether to make the offer during the first quarter of the year.
RBS are expected to review all options for the insurance business, which will include continuing with the sale or cancelling it completely.
Past bidders for the insurance unit, who have pulled out of the sale, included Berkshire Hathaway, Zurich Financial Services and Generali of Italy.
Apollo and BC Partners have appointed HSBC to advise on their bid.
Mr Snowball, who has experience of running general insurance businesses, is the chairman of Towergate Financial Services, which is consolidating the regional independent financial adviser market.