Reliable industry sources say the privately owned Lumley Insurance Group is on the verge of being sold, with final negotiations being completed and an announcement expected as early as this week.

The 100-year-old company is controlled through trusts owned by the Lumley family in England. It was put up for sale by the family last year, as the value of insurance companies began to rise in line with profits and the looming impacts of industry consolidation on smaller insurers were becoming obvious.

Speculation earlier this year suggested that QBE was front-runner for the purchase of the group’s various units, but it’s understood the asking price at that time was too high.