HSBC Europe, a wholly owned subsidiary of HSBC Holdings, has agreed to sell HSBC Reinsurance and HSBC Insurance (Ireland) to the Bermuda-based Catalina Holdings for an undisclosed amount. The businesses sold, which have gross assets of approximately $273m and predominantly deal with creditor, property, travel and motor insurance, closed their doors to new businesses and were placed into run-off in June 2010 and June 2009, respectively.
The transaction, subject to regulatory approval from the Central Bank of Ireland, is expected to complete in the third quarter of 2012.
Earlier in March, HSBC and Hang Seng Bank agreed to sell their general insurance businesses in Hong Kong, Singapore, Argentina and Mexico to AXA and QBE Insurance Group.
HSBC Holdings is the parent company of the HSBC Group, which serves customers worldwide from around 7,200 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, the Middle East and North Africa.