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

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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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