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HSBC Brasil sells its property and casualty insurance business
14 July 2005
HSBC Seguros (Brasil) S.A. is to sell its subsidiary HSBC Seguros de Automoveis e Bens Ltda., a property and casualty (P&C) insurance underwriting business, to HDI Seguros S.A., an indirect subsidiary of the German insurer Talanx Group.
The transaction also includes a long-term operational agreement whereby HDI will be the preferred provider of P&C insurance products to be distributed through the HSBC Bank Brasil network.
The agreed total consideration to be paid by HDI is BRL300 million (approximately US$128 million). The consideration will be paid in two tranches, BRL100 million at the signing of the agreement to sell and the remainder upon completion of the transaction.
Emilson Alonso, chief executive of the HSBC Group in Brazil, said: "This transaction represents a major commitment for both HSBC and Talanx. For HSBC, we are convinced that it will benefit our customers by providing them with an increasingly competitive product offering and quality service."
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