NU Online News Service, March 11, 12:50 p.m. EST
Kane, which provides specialist risk and insurance management services, announced today it has signed an agreement to acquire the insurance management operations of HSBC for $27.5 million.
Under the agreement—signed with HSBC Bank Bermuda Ltd., HSBC Bank Cayman Ltd. and HSBC Insurance Agency (USA) Inc.—Kane will acquire HSBC Insurance Holdings (Bermuda) Ltd., HSBC Insurance SPC Ltd., the insurance management business and assets of HSBC Bank (Cayman) Ltd., and HSBC Insurance Agency (USA) Inc.
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