The Halifax has teamed up with insurer Hiscox to sell mid and high net worth (HNW) insurance.

The scheme, which is in the pilot stage, is run through the bank's Premier Mortgage division which prov ...

The Halifax has teamed up with insurer Hiscox to sell mid and high net worth (HNW) insurance.

The scheme, which is in the pilot stage, is run through the bank's Premier Mortgage division which provides mortgages to high net worth clients.

The bank will offer the HNW policies where its standard policies are unsuitable.

Hiscox head of private client division Guy Knight said that the scheme was targeted at people with at least £50,000 of contents. Policies can be purchased over the internet and over the phone.

A Halifax spokeswoman said the scheme had been running since May, but it was too early to say how it would develop. "We will have to see how it goes - whether we are getting the people in who need it. It is going according to plan at this stage."

Oak Underwriting managing director Tony Lumsden-Cook said such affinity schemes had the potential to work very well if handled properly. "Halifax should have a good portfolio of HNW clients. If they market it well it should be successful. If they just play around with it, it won't."