HSBC Insurance (UK) sold for £68.5m
HSBC Insurance Services Holdings has agreed to sell HSBC Insurance (UK) to Syndicate Holding for £68.5m in cash.
In a statement HSBC explained that the UK-based motor insurance company was put into run-off in 2009 and that the sale completed HSBC's exit from underwriting motor insurance in the UK.
The signed deal is expected to complete in the third quarter of 2011, subject to regulatory approvals.
Bruce Howe, CEO of HSBC Insurance in Europe and the Middle East, said: "HIUK has been in run-off for over a year and we are very grateful for the dedication of our staff which has enabled a successful exit from
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