HSBC Insurance cease underwriting UK motor business
The company has announced its intention to focus on life, pensions and investment and move away from underwriting general motor insurance in the UK
HSBC Insurance has ceased underwriting motor insurance business through its two operations HSBC Insurance (UK) and HSBC Insurance Management Services.
The companies will cease to underwrite new motor insurance business with immediate effect but will continue to service existing policyholders until their policy is due for renewal. The businesses look after around 400,000 policies.
As reported in this month’s Insurance Age (September 2009, p1), Insurance Australia Group had been tipped to buy HSBC
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