Ex-Aviva chief lined-up to chair Direct Line flotation

According to the Financial Times, Mr Biggs was yet to accept the role but was thought to be close to doing so.

The report claimed the appointment meant a multi-billion pound flotation of the insurance business from parent group RBS was a step closer.

The newspaper added that Mr Biggs played a significant role in the demutualisation and flotation of Aviva, then Norwich Union, in 1997.

RBS has to dispose of its insurance arm by 2014 due to a ruling by European regulators following the UK

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