The Resolution boss is this week set to reveal details of the acquisition vehicle which is due to float on the stock market by the end of the year.
Clerical Medical’s future as part of HBOS has been subject to speculation as details of the Lloyds TSB takeover unfolds, given the overlap between the insurer and Lloyds’ own Scottish Widows brand.
The Times reports that the entrepreneur is considering a bid for the life office.
In September Cowdery recruited former FSA chief executive John Tiner as chief executive of Resolution and revealed plans to target a £1bn flotation price for his new investment vehicle.
Commentators say it is unlikely it will fetch this price, but he is still tipped to raise at least £500m through the float.
Cowdery has reportedly gained backing from some previous investors such as Prudential, Standard Life and Royal London.
Cowdery’s consolidation vehicle is also understood to be looking at Friends Provident.