The man behind the attempted buyout of Bradford and Bingley earlier this year, is said to be looking to takeover a number of troubled life insurance companies via his buyout vehicle Resolution.

Clive Cowdery is planning to float Resolution next month to raise funds for future buyouts. Estimates put the flotation value at around £1 billion. The group include the former head of the Financial Services Authority John Tiner.

"We are very excited about the opportunities that we see in the financial services industry, We believe this is a good time to re-enter the market." Said Tiner.

Cowdery previously ran a similar group in 2003, also called Resolution, which took over a number of life insurance companies including Brittanic. The original buyout group was itself taken over by insurer Pearl. In a bitter takoever dispute Cowdery was allowed to keep the rights to the name.