Advert for underwriting director states top 10 target by 2011

Centrica-owned British Gas wants to become a top 10 insurance company by 2011 having secured Financial Services Authority approval to underwrite its own household and warranty products, the Telegraph reports.

According to a recruitment advert on the British Gas website for an underwriting director, the company intends to "convert a high percentage of British Gas's 4.5 million service customers to our new insurance products". The successful candidate would help "British Gas Insurance (BGI) become a top 10 UK insurer by 2011 from a standing start this year".

It currently uses its own intermediary Home Assistance UK to arrange warranties on behalf of its customers, using underwriters such as Chartis and RSA. Halifax Bank of Scotland had previously underwritten its household insurance cover before being taken over by Lloyds Banking Group.