Utley thought to be sole bidder

Neil Utley is thought to be in advanced sales talks with HSBC over its underwriting business, HSBC Insurance UK, which he is expected to put into run-off.

As revealed by Insurance Times last week, HSBC injected £80m into the business’s capital base following the departure of its senior management team and concerns over low reserves. Utley is thought to be the sole bidder for the business after HSBC rejected an offer fronted by Andrew Gibson, formerly chief executive of Highway, for being too low..