Kane acquires HSBC’s insurance arm

(CNS): The insurance management operations of HSBC have been acquired by the specialist risk and insurance management services company Kane. The firm announced the completion of the deal on Wednesday stating it had received approval from all the relevant regulatory bodies. As a result of the acquisition, the company is now the largest global, independent insurance manager. Stephen May, Group CEO of Kane, said it was a fantastic achievement to successfully unit the two companies to create a truly international platform. “Our aim now is to enhance our existing customer relationships, create new ones, build on our range of world-class services, grow our industry-leading team and seek new opportunities to strengthen our leading position in the insurance management arena,” he said.

Kane has appointed Keith Tozzi as Group Chairman and Roy Fellowes as Global Managing Director of Kane Insurance Management.Tozzi has held numerous chairmanships of public and private companies, and has a strong track record in leading companies through periods of structural change. Fellowes was formerly CEO of HSBC Insurance Management (HIM) and in his new role will be responsible for driving the Group’s global strategy. Further appointments will be announced shortly the company said in a release announcing the acquisition.

Keith Tozzi said it was an exciting prospect to lead Kane at a time when it is on the brink of significant growth and development. “The purchase of HIM represents the first in a series of steps as Kane looks to expand its capabilities and I look forward to working with Stephen and the rest of the team as we see this through to fruition,” he added.

Fellowes said significant time and effort had been devoted to ensuring the smooth integration of HIM into Kane. “The company unites our breadth of expertise, comprehensive service offerings, global reach and unparalleled reputation for client satisfaction and I look forward to playing my part in the ongoing success of our organization,” he said.

Following the deal the Kane Group has now expanded to include: Kane (Bermuda) Ltd; Kane (Cayman) Ltd; Kane (USA), Inc; Kane (Guernsey) Ltd and Kane (Malta) Ltd. The company said it now provides an extensive range of services, including: Captive Management, Insurance-Linked Securities Administration and Life, Pension and Investment Administration.