One UK banking giant has recently announced the sale of its commercial insurance management business to a risk and management services specialist.
HSBC declared that business insurance management specialists Kane Group will be purchasing its HSBC Bank Bermuda subsidiary, which includes four separate affiliated business entities.
Worldwide professional indemnity specialists Kane is purchasing the insurance management business and assets of USA-based HSBC Insurance Agency and the Cayman Islands division of HSBC Bank Limited. Additionally Kane will purchase HSBC Insurance SPC Limited and the Bermuda branch of HSBC Insurance Holdings. All four business entities are being purchased for$27.5 million (£17.11 million) in cash.
One of the stipulations of the sale is for the retention of all HSBC staff currently employed by the four businesses by Kane Group.
Both Kane Group and HSBC will be working together in order to ensure the transition from one owner to the other will be a smooth one. The two companies have signed a services agreement that will facilitate transition – Kane will be provided with services by HSBC in order to avoid any interruptions of service to current HSBC clients.
HSBC is also in co-operation with Kane Group in regards to the transfer of certain key client agreements to the global risk management services provider.
With locations in London, Guernsey, Qatar, Dubai, and Bahrain, Kane Group’s team of professionals serves its clients on a worldwide basis. Its team is comprised of practitioners that are sourced from both international and local markets and include experienced and highly respected former members of the regulatory community.
Offering a comprehensive range of solutions known for their innovative nature, Kane’s specialities include self-insurance structures, risk management, healthcare advisory, regulatory compliance, and underwriting services to name but a few.