A prominent private equity firm is said to be in the running to purchase insurance giant Aviva's American life insurance and annuities units.
According to Bloomberg, sources indicate that Leon Black's Apollo Global Management LLC has edged out the Harbinger Group Inc. to buy up a portion of Aviva's U.S. assets - though that sale is said to be likely to be at a highly discounted rate, despite a book value of approximately $3.8 billion.
Aviva, which is the United Kingdom's second-biggest insurer, has been working to sell or close nearly a third of its 58 businesses, skipping less-profitable markets and doing what it can to avoid further losses from the European debt crisis.
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