Comparethemarket.com runs the VCCP-created 'Comparethemeerkat' ads featuring the animated Russian meerkat family.
The review also includes the media accounts for the Bennetts and Beagle Street instance brands, the French price-comparison site Les Furets.com and the Dutch comparison site Verzekeringssite.nl.
The brands are expected to spend a combined £300 million over the next three years.
The pitch will be run through AAR and is planned to conclude in March. AAR also ran CRM and customer experience agency pitches last year, which led to the appointment of Lida and Albion respectively.
Incumbent ZenithOptimedia has run the business for seven years, and will be part of the review process. It won the account from MediaVest Manchester (now Carat Manchester) in 2007, and retained the business after the last review in 2010.
The group said in a statement that it called the review to "ensure the group continues to engage with the strongest agency partners". It claims to have significantly invested in both its UK and international businesses recently, and is hoping that advertising will help it to grow in future.
Kal Atwal, the group director of brand-led businesses at BGL, and Mark Vile, the marketing director of Comparethemarket.com, will jointly lead the review.
Atwal said: "We are in the unusual and fortunate position that there is enormous potential for growth in every market where we operate.
"Given the success of our UK businesses and continued investment into Europe, now is the right time to review our current media partner to ensure we maximise future market opportunities."
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