HSBC Bermuda Sells Insurance Unit To Kane
HSBC Bank Bermuda announced today [Mar. 11] it has sold its insurance management business to Kane Group, a provider of specialist risk and insurance management services.
Kane is buying HSBC Insurance Holdings (Bermuda) Limited, HSBC Insurance SPC Limited and the insurance management business and assets of HSBC Bank (Cayman) Limited and HSBC Insurance Agency (USA) for $27.5 million in cash.
Kane will retain all HSBC staff employed by the purchased businesses.
HSBC and Kane will work together to ensure a smooth transition and have entered into a transitional services agreement under which services will be provided by HSBC to Kane to allow uninterrupted client service. HSBC and Kane are also co-operating on the transfer of certain client agreements to Kane.
Formerly known as The Bank of Bermuda Limited, HSBC Bank Bermuda Limited is a financial services company in Bermuda providing fund administration, trust, custody, asset management and banking services to institutions and individuals.
In 2004 the global banking giant HSBC Group acquired the Bank of Bermuda, which has since become a focus for certain fund management and private banking activities.
