HBOS (Halifax Bank of Scotland) has announced it is significantly expanding its commercial insurance product range available to Business Banking customers.
The new operation will provide a wide range of commercial insurance solutions to Bank of Scotland Business Banking customers. It will continue to provide products under the Bank of Scotland brand.
A two-tier structure has been established which will see Royal & SunAlliance (R&SA) as the carrier of the majority of business, with a panel of leading insurers used for larger or more complex risks.
HBOS said it had selected R&SA following an extensive tender process across the insurance market.
To implement these plans Jerry White has been appointed as head of commercial insurance at HBOS. He will lead a new team within the group's general insurance division.
White commented: "We have chosen R&SA because they were so far ahead of the rest of the market. They were able to clearly demonstrate that they have the expertise in this sector to help us to add significant value to our customers, in terms of the products, the underwriting approach, and the customer service we intend to provide."
"We are expanding our Commercial Insurance Operation as a response to the changing needs of the market and of our customers. Our customers are increasingly looking for a complete financial services solution. It is a natural progression for us, therefore, to be developing a bespoke insurance solution for our Business Banking customers. This is potentially a huge growth area for us in the future."
The managing director of general insurance, Howard Posner, added: "We have very aggressive expansion plans and we are planning to install a state-of-the-art broking system. We want to ensure that we have the right solution to help us to manage our business effectively and profitably."
