Heath Lambert has said it is in discussions to sell some of its Latin American business to Jardine Lloyd Thompson.
Talks on the sale began after a review of the business aimed at creating a "simplified and refocused" group, said Heath Lambert.
It said it would continue to place business from clients in the region.
Heath Lambert chairman Ian Martin said: "We will continue to have a strong portfolio of Latin America business. The fact that we may no longer have flags in territories does not mean that our business opportunities there will cease."
Jardine Lloyd Thompson said talks were still at a "relatively early stage" and remained subject to due diligence. Should the deal go ahead, it would be satisfied in cash, said the company.
