UK insurance company Liverpool Victoria said it’s in exclusive talks with Bain Capital LP over a potential deal.

The company, known as LV=, began a strategic review in June that included the possibility of a full or partial sale.

“Discussions between LV= and Bain Capital are ongoing and there can be no certainty that any transaction will be agreed, nor any certainty as to the terms on which any such transaction might proceed,” the insurer said in a statement. Any transaction would be subject to regulatory approval, it said.

Bids for the insurer were submitted earlier this year, and the company could be valued at 500 million pounds ($647million) to 1 billion pounds, people with knowledge of the matter said at the time.

LV= was founded in 1843 to provide an affordable way for people to cover the cost of funerals. It expanded into a company offering a range of insurance, investment and pension products to around 1.3 million customers. In 2019, LV= sold the remainder of its general insurance business to Allianz SE.