Insurer to provide home, protection and travel products to bank's customers
Norwich Union Insurance has signed five year agreements to underwrite creditor business for HFC Bank and some of its subsidiaries, and to provide home, protection and travel insurance products to 10.2 million of HSBC Bank's UK customers.
These agreements are expected to generate up to £1.7 billion in gross written premiums for Norwich Union Insurance over the next five years.
The new agreement between Norwich Union and HSBC takes effect from today and replaces plans to create a joint venture.
Igal Mayer, chief executive of Norwich Union Insurance, said: "This is a strategically important opportunity, which will enable Norwich Union to provide HSBC's customers with market-leading products. We've realised significant value from our 23 year relationship with HSBC; the new five year agreements create an opportunity for us both to build on that successful formula and further develop our profitable relationship."
