Private equity firms J.C. Flowers and TPG Capital, and United Kingdom-based financial services firm Resolution Group are fighting for acquisition of Lincoln Benefit Life, a subsidiary of Allstate Corp, sources reported.

The undisclosed sources also said that TPG and J.C. Flowers are in a partnership to bid for Lincoln Benefit Life, valued within the range of $500 million to $900 million.

The sale of the business is being handled by Goldman Sachs, the sources said.

The low rates in interest prompted the increase in number of life and annuity businesses put up for sale. These businesses have difficulty gaining profits and are thus sold to larger corporations.

AXA SA AXA.PA sold its U.S. based life insurance subsidiary to Protective Life Corp for over $1 billion in April. In December, Delaware Life Holdings successfully acquired Sun Life Financial Inc for $1.35 billion. The company is owned by a majority of shareholders of Guggenheim Partners.