UK-based HSBC Insurance Services has sold its run-off motor underwriting business HSBC Insurance UK to Syndicate Holding Corp for £68.5 million ($103 million) in cash.

“This sale completes HSBC’s exit from underwriting motor insurance in the UK,” Europe and Middle East CEO Bruce Howe said.

But the company will continue to offer motor insurance through the HSBC, first direct and M&S Money brands using third-party insurers.

HSBC Insurance UK, once a top 20 UK motor insurer, stopped writing new business in 2009 and was put into run-off.