HSBC sells insurance business

HSBC exited from the UK car insurance market yesterday with the sale of its closed motor insurance book to US firm Syndicate Holding Corp for £68.5m. HSBC Insurance stopped writing new business in 2009. The policies will largely complete within two years but some accident claims have a longer tail, a bank spokesman said. HSBC will still sell insurance under its HSBC, First Direct and M&S Money brands but they will be underwritten by external insurers.