BEAZLEY Specialist insurer Beazley said it had received approval to convert its Dublin- based reinsurance company into an insurance company.

Negotiations between FGL and other suitors, including Bermuda- based reinsurance company Athene Holding Ltd ATH.N, are continuing, the sources said.

BEAZLEY Specialist insurer Beazley BEZG.L said it had received approval to convert its Dublin- based reinsurance company into an insurance company.

KBC also said on Monday it sold a Brussels- based reinsurance unit for 267 million euros ($358.2 million).

Friday's move could force these other Transatlantic suitors to sweeten their bids, and possibly unleash a bidding war for the New York- based reinsurance company.

There will also be changes for SAC Re, the Bermuda- based reinsurance business, which SAC started with about $500 million only a year ago.

Chesterfield, Missouri- based Reinsurance Group stock, which has gained 2.7 percent in the past month, were up 18 cents in trading after the bell.