British telecommunications giant Cable & Wireless is moving out of the Australian market as it drops its share of Optus, but its new strategic direction – business telecom services – is doing nicely. After a couple of horror years in the US and Japanese markets, C&W has signed a $1 billion deal to provide telecom services to CGNU.

Under the seven-year deal announced last week, C&W will provide the British insurer with voice and date services across the UK market.