HSBC Bermuda sells insurance management business

11th Mar 2011 07:02

HSBC Bank Bermuda, a subsidiary of banking giant HSBC, 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 $27.5m 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.