** Shares of Australian wealth manager Insignia Financial IFL.AX rise 5.8% to A$4.57, their highest level since Jan. 28

** IFL breaks three-day losing streak; among top gainers in the ASX200 benchmark index .AXJO

** Receives non-binding, indicative takeover proposal from Brookfield for A$4.60 cash per share, valuing IFL at A$3.07 billion ($1.92 billion)

** Offer price represents a 6.5% premium to IFL's last closing value

** Brookfield's offer triggers a three-way bidding war with Bain Capital and CC Capital

** All three parties are offering A$4.60 per share and have limited access to non-public information for due diligence

** IFL up 21.7% this year, including the day's moves

($1 = 1.6005 Australian dollars)

(Reporting by Sameer Manekar in Bengaluru)

((Sameer.Manekar@thomsonreuters.com))