Duke Street Capital founder could bid for Direct Line

Edmund Truell told the newspaper he would carry out "due diligence on a number of insurers" with an eye on motor insurance in particular.

He reportedly said: "I like industries that are badly run and losing money where if you change the business model, you can make a success of it."

Mr Truell has reportedly set up Tungsten Corporation specifically to buy insurance companies.

He was also linked with Direct Line earlier this year but he reportedly shelved plans due to the uncertain markets.

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