British insurer Royal London is reportedly planning to sell its Isle of Man-based offshore wealth management arm, Royal London 360, to private equity group Vitruvian Partners.

According to a Sky News report, Royal London will announce the sale in the next few days.

The rumoured deal is understood to value Isle of Man-based Royal London 360 at tens of millions of pounds, the report noted.

The sale is expected to involve the transfer of roughly 200 employees and well over £2 billion in assets under management.

The business has offices in Dubai, Hong Kong and Lebanon as well as on the Isle of Man.