£70m account wrested from London General

AXA has won the £70m GWP Capital One creditor insurance account from London General Insurance Company.

The insurer took over the account this week, servicing it from its Ipswich office.

An AXA spokeswoman said: "This new partnership represents an important strategic alliance and demonstrates the strength of AXA's specialist proposition in this sector, and in the financial services arena as a whole.

"We very much look forward to working with Capital One to enhance the value of this business, and deliver an outstanding service to their customers."

London General declined to comment.

Meanwhile National Australia Bank (NAB) has renewed its creditor insurance contract with Norwich Union (NU), under a new agreement covering marketing, training, service levels and customer relationships.

Under the deal NU will offer creditor products to customers of Clydesdale, Yorkshire, Northern and National Irish Banks. Around 75,000 customers from the four NAB banks currently take out creditor insurance every year.

In May NAB announced it had awarded AXA its £15m commercial insurance book, previously held by NU.