US private equity firm JC Flowers and Swiss Re, the world's biggest reinsurer, are both understood to be considering bids for the troubled UK life insurance group, Friends Provident. The future of Friends Provident has looked uncertain since it failed to push through its planned £8.8 billion ($17 billion) merger with closed life insurer Resolution last October. JC Flowers said on Monday that it intends to approach the board "with a view to developing a proposal that will deliver value for Friends Provident's shareholders". An unnamed source said JC Flowers had sought talks on an informal bid worth around £4.1 billion. Flowers' interest comes as Friends is putting the final touches to a strategic review, which is expected to see it shake up its UK life business, to be unveiled on 31 January. It had to put itself up for sale after rival life assurer Pearl trumped its plans to merge with Resolution. Swiss Re is understood to be considering a bid for Friends' life and pensions arm in the UK, according to the Daily Telegraph. Friends valued the division's policies at £1.6 billion when reporting interim results last June. In addition to its 53 per cent stake in F&C Asset Management, Friends Provident has its Lombard wealth management arm, big protection and group pension franchises as well as international operations.