NEW IRISH MOTOR INSURER TARGETS SUB-PRIME MARKET

New Irish motor insurer XS Direct plans to target drivers who have recently lost their no-claims bonus and owners of high-performance cars who typically pay more than 1,000 euro a year for their motor cover. The insurer’s executives include Chris McCann, formerly general Re treasury adviser, and John Prosser, previously head of IFSC, a reinsurance and captive subsidiary of Irish financial services operation FBD. XS Direct’s first product, called Excess, offers lower premiums in return for a higher deductible. While standard motor policies demand an excess of 150 to 200 euro, Excess will require male drivers to pay the first 4,000 euro of a claim, while female drivers will face a deductible of 2,000 euro.