MetLife Inc. has kicked off a formal bid process for its P&C business, which it deems noncore, Inside P&C reported.

Investment bank Rothschild is marketing the unit with a price tag of $3 billion to $4 billion, according to the report, which cited initial discussions. The business could attract interest from Travelers Cos. Inc. and Liberty Mutual Holding Co. Inc., however, parties involved in the process have not yet been confirmed.

MetLife's P&C unit, which offers personal auto and homeowners insurance, wrote $3.7 billion of premiums in 2019.

A spokesperson for the company reportedly told the publication that the company does not comment on "market rumors or speculation."