Speculation on bids for HSBC non-life insurance business

HSBC is set to sell its non-life insurance operations, according to three persons close to the matter. Bloomberg.com has reported that the informers said Europe's second-largest insurer Axa and Zurich-based insurer Ace are two of the final bidders in the running to acquire the complete non-life unit, which is estimated to be worth around $1bn. Another insurance company, QBE Insurance, was also named as a firm considering making a bid.No one from the named companies was able to comment on the speculation.HSBC is one of a number of European lenders selling off assets in order to better meet their liabilities and adhere to tighter global legislation on capital needs. HSBC's share price rose 0.82% to 540.8p by 13:30.NR