HSBC has agreed to sells its Irish unit, HSBC Insurance (Ireland), along with HSBC Reinsurance, to Bermuda-based Catalina.
The two businesses, which mainly wrote creditor, property, travel and motor insurance business, had gross assets of around $273 million (€222 million) at March 31st. Both had ceased to write new business.
The sale, which is subject to approval from the Central Bank, is expected to be completed in the third quarter, HSBC said.
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