UK media have named QBE as a possible buyer of the UK retail arm of Brit Insurance.

Insurance Times reports the acquisition would propel QBE into the top five property insurance companies in the UK, and notes that Brit has scaled back its personal motor business, an area exited by QBE last year.

Brit’s Dutch owners are selling the UK general insurance retail arm of the business, which has dragged on their return on equity according to the reports.

Two private equity funds took over the insurance and reinsurance company last year and are reported to be looking for offers of more than £150 million ($236 million).

The first round of bidding is under way and Ageas UK, MMA and Lloyd’s groups are among the groups considered to be possible bidders.