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Kane completes purchase of HSBC’s insurance management operations


Kane, a provider of risk and insurance management services, has announced in the completion of their acquisition of HSBC Insurance Management, after the deal received regulatory approval. As a result the Kane Group has now expanded to include the following locations; Kane (Bermuda) Ltd; Kane (Cayman) Ltd; Kane (USA), Inc; Kane (Guernsey) Ltd and Kane (Malta) Ltd.

The acquisition makes Kane Group the largest provider of independent insurance management services in the world offering services such as captive management, insurance-linked securities administration and life, pension and investment administration.

HSBC, through their Cayman Islands base, had been involved in many of the catastrophe bond transactions over the last few years. It’s expected that Kane will become prolific in cat bonds issued in any of the domiciles it now covers.

Stephen May, Group CEO of Kane, said: “This is a fantastic achievement for Kane and we are all extremely proud of how we have successfully united these two companies to create a truly international platform from which to deliver our expert, independent advice. 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.”

In an article published by Kane Group on the company’s strategy going forwards, Kane Insurance Management’s Global Managing Director Roy Fellowes comments:

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“Transferring catastrophe risk to the capital markets has become a major growth area over the past decade. ILS products such as catastrophe bonds and side-cars or transformers are increasingly used to complement other risk financing solutions for multinational organizations and risk carriers exposed to natural hazards.

The disasters in the first quarter of this year are a reminder that major catastrophes can and do happen and that we live in a globalized world where an event in one location can have significant repercussions elsewhere. As our clients consider how to best manage these risks we will continue to offer our considerable expertise and experience to help them arrive at the best and most cost-effective solutions.

Kane offices in various domiciles interact and conduct business with a wide range of parties involved in the ILS business – sponsors, arrangers, specialist ILS funds, law firms, etc. To help coordinate these activities and enhance our leadership position in this business, Liz Frederick was appointed Global Head of Kane’s ILS practice. Liz is well known and has an excellent reputation in the ILS industry and is highly qualified to carry out this role.”

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