HSBC loses Northern Ireland underwriting business
Prestige Underwriting Agency has transferred its Northern Ireland private motor business from HSBC to NIG.
Until 1 July, HSBC provided £30m worth of capacity for the business.
NIG will now provide the same amount of capacity, but Prestige confirmed it would continue to underwrite the business and manage the claims itself.
Formerly known as HSBC Prestige, the product will now be known as NIG Prestige.
Prestige Group chairman George Storey said: "It was an amicable parting and we will continue to trade with [HSBC] on other products."
HSBC declined to comment on the deal.
NIG director of personal lines Adrian Harris said: "This is a great opportunity for NIG to support Prestige, whom we have had a relationship with for a number of years on the personal lines side. This is the next step in the relationship to move the business forward."
NIG confirmed the product would still provide private motor cover for drivers aged between 20 and 69.
Meanwhile, HSBC this week confirmed that it had rebranded its Republic of Ireland private motor product.
The product, previously known as HSBC Select, will now be sold as Corinthian Select Plan.
Last week Insurance Times revealed exclusively that HSBC had transferred the renewals for its Republic of Ireland private motor business from HSBC Insurance (Ireland) Ltd to Corinthian Insurance, a wholly owned subsidiary of HSBC Insurance Holdings.