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LV= only completed the acquisition of Highway in October, but said it would evaluate the expressions of interest, as well as other options for the future of the business, over the coming weeks.

However, the insurance, investment and pensions group also stressed that a sale was not the only prospect and that other options remained open to it, including retaining the Hero business in its current form.

John O’Roarke, managing director of LV= general insurance, said its acquisition of Highway was always based on taking over the business as a whole.

"However, we have a responsibility to our members and employees to consider other options that are presented to us.

"We will therefore evaluate any existing and future offers for the Hero business alongside other strategic options – one of which would be for us to retain and operate the business as it is.

"The LV= Group is very strong financially and has no need to sell, we will therefore only consider a sale on terms that are in the best interests of members and employees."