Saab, the aerospace group, has moved its account to HSBC Insurance Brokers, delivering a large blow to its former broker Marsh.

The move was seen as a significant coup for HSBC's aviation division, whose establishment only last year as a big-name player was exclusively revealed by Insurance Times.

HSBC's aviation division, headed by former Marsh man Charles Bridges, was enlarged with the aim of generating brokerage income of £7m to £10m within a few years.