The two companies have entered into a 15-year exclusive distribution agreement in Asia.
The markets include France, Hong Kong, mainland China, Mexico, Turkey, UK and US.
Re/insurer AXA has completed the sale of its insurance operations in Singapore.
HSBC will now send digitally-armed recon teams through China to seek HNW targets.
The Hong Kong-based appointment is also responsible for the bank’s Bermuda-based captives operation.
Bermuda remains the global leader in the ILS space. Helen Goonewardene, vice president, business development at HSBC Securities Services, Bermuda, told APCIA Today why.
Re/insurance broker Aon has advised HSBC Bermuda on a recently completed £7 billion longevity swap, involving the HSBC Bank (UK) Pension Scheme and Prudential Insurance Company of America (PICA), said to be the second largest ever deal of its type.
Captive ‘strategy of choice’ for huge pension schemes to hedge longevity risk, says Prudential Insurance expert
A multi-billion dollar captive longevity reinsurance transaction (LRT) has been used to transfer risk linked to huge pension liabilities, suggesting a growing trend for this type of derisking deal.
The use of digital technology and social media platforms to build customer centricity is an important opportunity in today’s insurance industry, Candy Yuen, CEO of HSBC Insurance (Asia), told delegates at the EAIC conference.
Endurance has appointed the chairman of HSBC Bank Bermuda as a non-executive director of the company.