delayed the sale of subsidiary Admiral Insurance Service.

The subsidiary is one of the UK's five largest auto insurance businesses.

According to Bloomberg News, Brockbank had three bidders -- including General Electric Capital Corp. -- who were willing to pay up to $199 million for the company.

But the deal ran into a Lloyd's auction deadline which specifies transactions must be completed before the auction for underwriting capacity begins at the end of July.

Admiral was established in 1993 as a telephone sales auto insurance business.

Brockbank announced three weeks ago it was looking to sell the business.