Insurance giant Aviva is eyeing a £650m takeover of The Co-operative’s insurance business in the UK, it was reported today.

Seven insurance companies – including UK giants Aviva and Royal Sun Alliance - are under investigation after the UK's consumer watchdog raised concerns over the use of industry software which could lead to illegal price co-ordination.

The French owners of car repairs chain Kwik-Fit have agreed to sell its insurance broking arm in a £215m (€260m) deal, it was announced today.