Bermuda-based Talbot Holdings has put its Lloyd’s of London underwriter up for sale for $390 million.

Talbot Underwriting and its owners have hired boutique investment bank Lexicon Partners to carry out a strategic review following a number of bid approaches for the business, English newspaper The Daily Telegraph reported.

Talbot underwrites a wide range of marine and energy businesses, as well as war, terrorism, political risk, property, financial institutions, contingency and treaty business.

Talbot Holdings is also the ultimate parent company of Underwriting Risk Services, an underwriting agency involved in yacht, marinas and fine-art underwriting. The company is owned by a trio of private equity firms: Heidi Hutter’s Black Diamond Group, US-based Olympus and Reservoir Capital Group.

The move towards a sale comes as consolidation in the insurance underwriting industry looks set to intensify.

Last year, Bermuda-based Catlin bought its smaller rival Wellington Underwriting for $591 million. That deal was the first significant transaction in the Lloyd’s insurance sector for several years.

There are a number of potential bidders for Talbot, including groups from the US, Bermuda and Britain.