AXA has agreed a strategic alliance with National Australia Bank to offer commercial insurance products to customers of National's three UK banks.
National previously had an agreement with Norwich Union.
From July 2004, customers of Clydesdale, Yorkshire and Northern Banks will be offered AXA commercial insurance as stand-alone products.
Sources said the National book of commercial insurance currently has gross written premium of over £15m.
Employees working within National's commercial insurance division will transfer to AXA once the deal comes into effect.
National Wealth Management Europe chief executive Garry Mulcahy said the AXA agreement formed a key part of National's growth strategy, which he said was to focus on key capabilities in distribution and relationship management.
“Our strategic alliance with AXA will not only ensure that we offer our customers industry-leading commercial insurance products, but will also ensure that our energies and resources are devoted to our strengths of customer relationship management and distribution.”
In the past twelve months National has launched a high net worth home insurance offering with Hiscox, an alliance with Legal & General to offer life assurance and protection, as well as an alliance with Junction to provide product and administration services for its home and motor insurance operations.
