Andy Haste, the former chief executive of RSA Insurance Group Plc (RSA), will lead a bid by private-equity firms for Royal Bank of Scotland Group Plc’s Direct Line Group, the Sunday Telegraph said, citing people it didn’t identify.

Blackstone Group LP (BX), Bain Capital Partners Llc, and Advent International Corp. will join Haste to bid as much as 3.5 billion pounds ($5.5 billion) for the unit, the newspaper said.

A successful bid would see Haste become the business’s chief executive or chairman, according to the newspaper.

To contact the reporter on this story: Sofia Horta e Costa in London at shortaecosta@bloomberg.net

To contact the editor responsible for this story: Dick Schumacher at dschumacher@bloomberg.net