Cash boost not enough to save UK insurance arm

HSBC pumped £110m into HSBC Insurance (UK) before putting it into run-off, Insurance Times can reveal.

It had previously been reported that the bank gave an £80m cash injection to the insurer in April. It has now emerged that a payment of £30m was made at the end of 2008.

An HSBC spokesman said: “The insurance business has never been under-reserved. The HSBC Group will, from time to time, inject capital into different businesses. This is normal and sensible business practice.”

HSBC put the motor underwriting business into run-off following the collapse of sales talks with IAG, led by UK chief executive Neil Utley.

Read the full story: A time to kill

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The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.

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