NEW YORK—Marsh Inc. is said to be in “advanced talks” to acquire London-based broker HSBC Insurance Brokers Ltd.

Quoting industry insiders, London's Daily Telegraph on Monday said banking giant HSBC Holdings P.L.C. no longer views the insurance brokerage as a core part of its strategy and that talks between the bank and Marsh are “at an advanced stage.”

HSBC Insurance is the ninth-largest broker in the United Kingdom and is valued at between £150 million to £200 million ($247.6 million to $330.2 million), the Telegraph says.

Spokespeople for Marsh and HSBC Insurance said they do not comment on marketplace speculation.