Royal Bank of Scotland (RBS) is planning to unveil a raft of new personal lines products in the first half of 2001, following its £10bn acquisition of Natwest bank last year.
The new personal lines products will span motor, household, travel and creditor insurance. It will be underwritten by RBS's own risk carrier, Green Flag, which is part of the RBS-owned Direct Line group.
Despite the merger, RBS said it would keep the Natwest brand for personal lines products sold in the bank's 1,700 branches for the foreseeable future.
An RBS spokeswoman said: “It is RBS's intention to retain the Natwest and RBS brands for products available in the group's branches. There are no plans at present to merge the two brands.”
The merger between RBS's and Natwest's insurance arms has created the UK's seventh largest insurance broker, with a combined premium income of more than £190m.
The spokeswoman added that it was RBS's strategy to build a range of distinct insurance brands for commercial, direct and broker-led customers.
RBS said it would continue to offer commercial insurance for its bank customers. And its Direct Line brand has developed a high profile in the direct writer market. RBS also provides insurance products for Tesco and Virgin.
RBS chairman Viscount Younger of Leckie said Scott's appointment was part of the company's plans to ensure its board had the right mix to succeed in an increasingly competitive global market.
Scott has worked in insurance since 1959, in New Zealand, Australia and the UK. He has previously been group chief executive of CGU and before that of General Accident. Among other activities, Scott is chairman of the Association of British Insurers.