Kane acquires HSBC’s insurance management operations

Kane, a provider of specialist risk and insurance management services, has signed an agreement to acquire the insurance management operations of HSBC.Under the agreement, which has been 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. for a total amount of $27.5 million.Private equity firm CBPE Capital is backing the acquisition.HSBC Insurance Management (HIM) is the world’s fourth largest insurance manager and is known for its involvement in the field of Insurance Linked Securities (ILS). Completion of the acquisition is expected to take place on Apr. 30, 2011, subject to regulatory approvals.