HSBC Insurance (Asia) Limited, an indirect wholly owned subsidiary of HSBC Holdings plc, has entered into an agreement to dispose of its general insurance business in Macau to QBE Insurance (International) Limited. The gross asset value of this business was approximately HK$6.97m (approximately US$0.9m) at December 31, 2012.
The Hongkong and Shanghai Banking Corporation Limited (the “Bank”), an indirect wholly owned subsidiary of HSBC Holdings plc, also has entered into a non-exclusive agreement with QBE to distribute its general insurance products to the Bank's customers in Macau. Under the agreement, QBE will pay commissions to the Bank on product sales.
The disposal of the Macau general insurance business is subject to regulatory approval and is expected to complete in the first half of 2013.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].