Insurers Axa SA and Swiss Re have made a joint bid for Scottish Widows, the life and health insurer owned by Lloyds TSB bank.
The pair have put together a break-up proposal that will see Axa take control of most of Scottish Widows, with Swiss Re acquiring the group's closed life assurance funds.
The board of Lloyds is considering the bid.
Critical Illness insurance : News update: October 2006
