International law firm Reed Smith has advised Kane Group on a deal to acquire the insurance management operations of HSBC for a total amount of USD27.5 million. The acquisition will be backed by private equity firm CBPE Capital and completion is due to take place at the end of April, subject to regulatory approvals.

Kane Group is a leading provider of specialist risk and insurance management services. The acquisition will position Kane as the world's largest independent insurance manager.

A cross border team, led by corporate partner Philip Taylor, involved Reed Smith's offices in London, Philadelphia and New York, together with support from external counsel in Bermuda, the Cayman Islands, Guernsey and Malta. This was a particularly complex transaction, given that it was both private equity backed and cross-border, with a range of assets being acquired, including both shares and businesses.
 
Philip Taylor, Reed Smith corporate partner, commented:
"Kane Group is a new client to the firm and we are proud to have been recommended to them by our long standing client CBPE Capital. This matter was particularly interesting because of the highly regulated nature of the target's business, which made this a complex transaction. We were uniquely placed to act on the matter, given our strong UK and U.S. experience in advising on both private equity transactions and cross-border acquisitions and disposals."

ENDS

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Reed Smith is a global law firm, with 22 offices and nearly 1,600 lawyers in offices across Europe, the Middle East, Asia and the United States.

For further information please visit www.reedsmith.com or contact Jeyda Star (PR Manager EME) on +44 (0)20 3116 2571.