Pinnacle Insurance is to enter the card protection insurance market.
Announcing the move, Pinnacle said it has already secured its first client, Allied Irish Bank.
Pinnacle hopes to make a footprint in a market, which saw 7.1 billion card transactions last year, while the total value of card transactions was £376 billion.
Tony Claytor, Pinnacle's director of new products, new markets and internet sales, said: "As part of the Pinnacle Insurance Group, Pinnacle Card Services offers an added dimension to a market that has huge potential but is currently dominated by just a few players."
