Junction, the Budget affinity business, has won a UK insurance administration contract worth £317m, from the National Australia Bank Group (NABG).

Under the deal, Junction will provide access to home and motor insurance cover and third party administration services to National Australia Insurance Services' (NAIS) customers.

NAIS customers' include insurance clients from Clydesdale Bank, Yorkshire Bank and Northern Bank.

Budget group chief executive Peter Winslow said: "We are absolutely delighted to have won this contract with such a prestigious organisation in the face of some extremely stiff competition. It is a great boost for us."

Junction business development director Phil Zeidler says: "This is a fantastic start for our new affinity business and testimony to our unswerving commitment to delivering bespoke insurance solutions that maximise affinity relationships by reflecting the culture of our partner organisations."

The contract is set to commence on 27 January.

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