HSBC to offload US insurance manufacturing unit

Global banking group HSBC is to sell off the insurance manufacturing business of a US subsidiary to Enstar Group.

Global banking group HSBC is to sell off the insurance manufacturing business of a US subsidiary to Enstar Group.

The company said on Thursday afternoon that its indirectly owned division, Household Insurance Group Holding Company, has entered into an agreement to sell the unit to Enstar for a total consideration of $181m in cash, though this price will be adjusted by the transaction closing date.

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