AXA agrees SME deal with HSBC

AXA Insurance has secured a 10 year partnership with HSBC to provide insurance solutions to HSBC’s small to medium sized business customers.

Following a competitive tender, HSBC will now offer AXA business insurance policies to new customers from 1 January 2010 and to existing customers at renewal.

AXA and HSBC have a number of different partnerships across the world. In the UK, AXA Insurance provides both travel and home insurance products for Marks & Spencer – which is part of the HSBC Money portfolio.

AXA’s business insurance provides a range of property, casualty and motor products, tailored to small to medium sized entities in the UK.

Insurance has a huge strategic importance for HSBC and this new agreement will help grow this business.

Anthony Middle, managing director of AXA Commercial said: “We are confident that our broad product portfolio, innovative solutions and value-added offerings provide a market-leading small business proposition. AXA is already a leading player in this market, providing insurance to around 25 per cent of the SME community. It’s great to develop our relationship with a company with the same strong brand and inherent values that are part of our success”.

Robert Lang, HSBC’s European head of insurance said: “We are focused on ensuring that our business and commercial banking customers continue to benefit from high quality insurance solutions. AXA is a market leader in the provision of business insurance to SME customers and we will work together to ensure that our UK customers benefit from their expertise”.