Private equity firm Blackstone Group LP (BX.N) is in advanced discussions to acquire Acrisure LLC, in a deal that could value the U.S. insurance brokerage at well over $2 billion, including debt, according to people familiar with the matter.

Blackstone has so far prevailed in the auction for Acrisure, though negotiations with the company’s owner, buyout firm Genstar Capital LLC, are still continuing, the people said this week.

There is no certainty that Blackstone and Genstar will reach a deal, and Genstar may resume negotiations with one of the other private equity firms that bid for Acrisure, the people added.

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