Underwriting agency Shakespeare is considering switching its £5m motorcycle book of business away from the current carrier, Axa, it emerged this week.

Shakespeare's operations director Jayson Hollier said: “Nothing has been confirmed but there have been talks of switching from Axa.”

However, Hollier denied claims that Shakespeare would switch the entire account to Axa's American rival, AIG.

An industry source claimed the deal with AIG had already been done and that the business would be moved from November 1.

“There are three insurers we are speaking to but nothing has been confirmed as yet and it is not moving to AIG,” Hollier said.

He claimed Shakespeare was looking to create a panel of insurers but could not confirm whether this would include Axa.

The Rugby-based agency was formed in 1998, focusing exclusively on the motorcycle market.

Since then it has built up its premium income to £5m.

Axa was unavailable for comment at the time of going to press.