The insurer has begun to look for prospective buyers, according to reports

Aviva is looking to offload a £1bn book of liabilities including a large book of historic asbestos-related claims, according to reports.

The insurer has begun to look for prospective buyers as ‘only one option’, in an effort to reduce risks on its giant balance sheet, Sky News reports.

The insurer has appointed KPMG to market the portfolio, while likely bidders according to Sky News include funds specialising in distressed investments.

If sold, it could be one of the biggest asbestos-related portfolios to be sold by a major UK insurer in recent years.

Last week it was reported that the insurer had also put a book of distressed UK property holdings worth an estimated £400m up for sale.

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