24 Mar 2006 16:45
HSBC Holdings PLC24 March 2006 HOUSEHOLD INSURANCE GROUP SELLS WESCO INSURANCE COMPANY Household Insurance Group Holding Company Inc., an indirectly-held, wholly-ownedsubsidiary of HSBC North America Holdings Inc., has reached agreement withAmTrust Financial Group, Inc. to sell Wesco Insurance Company, a property andcasualty company. The transaction is subject to regulatory approval. The sale price is US$7.5 million, plus Wesco's statutory capital and surplus at closing which will be approximately US$15 million. Closing is expected on or before 1 June 2006. Notes to editors:1. Wesco Insurance Company and Household Insurance Group Holding Company Inc.Wesco is a subsidiary of Household Insurance Group Holding Company Inc. It is aproperty and casualty company providing mainly credit protection products toHSBC customers. Household Insurance Group Holding Company Inc. is a subsidiary of HSBC FinanceCorporation, itself a subsidiary of HSBC North America Holdings Inc. HouseholdInsurance Group offers and administers a broad range of insurance productsacross North American businesses for domestic and international customers. Thebusiness is a mix of manufactured and broker protection products, sold throughthe various HSBC business channels. 2. HSBC North America Holdings Inc.HSBC North America Holdings Inc. comprises all of HSBC's US and Canadianbusinesses, including the former Household International businesses. Thecompany's businesses serve more than 60 million customers in five key areas:personal financial services, consumer finance, commercial banking, privatebanking and corporate, investment banking and markets. Financial products andservices are offered under the HSBC, HFC and Beneficial brands. For moreinformation, visit: www.hsbcusa.com. 3. HSBC Holdings plcHSBC Holdings plc serves over 125 million customers worldwide through some 9,500offices in 76 countries and territories in Europe, the Asia-Pacific region, theAmericas, the Middle East and Africa. With assets of US$1,502 billion at 31 December 2005, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'. This information is provided by RNS The company news service from the London Stock Exchange