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HSBC Life (Europe) Limited is a cross border life insurance company with a head office function operating in Dublin since 1996.
After a review of its Irish operations, the HSBC Group has concluded that HSBC Life (Europe) Limited (HLE) does not meet the Group's strategic criteria and therefore the business will be closed and the current portfolio of insurance policies transferred to HSBC Life Assurance (Malta) Limited (HLM).
By keeping the business within the HSBC Group, we'll maintain a secure, long term home for our customers' policies where we can maintain our standards of service.
Protecting policyholders' interests
A Petition to the High Court is to be heard on 31 October 2014 at 11.00 a.m. at the Four Courts, Dublin, Ireland.
What this means
The terms of the transfer are set out in a technical document known as a Scheme. Irish law requires that the Scheme be reviewed by an Independent Actuary and provides that the Scheme can only take effect once the Court has sanctioned it.
Full copies of the Petition, the Scheme, the full report of the Independent Actuary, the reports of the Appointed Actuary of both HLE and HLM, along with copies of the Customer Circulars issued to HLE and HLM customers are available below.
We're here to help
We appreciate this notice contains a lot of information, some of which is quite technical. If you have any questions about it or if you need more information, please call us on +353 1 635 6756 between 21 July 2014 and 15 October 2014 between the hours of 9.30am and 5pm local Irish time Monday to Friday (excluding bank or public holidays) in Ireland, where we'll be happy to help.
Information about the two companies
HLE was incorporated in Ireland on 13 December 1994. It is a direct and wholly owned subsidiary of HSBC Europe BV, a HSBC Group company incorporated in the Netherlands. HSBC Holdings plc is the ultimate parent company of the HSBC Group. HLE is authorised to carry out the business of life assurance by the Central Bank of Ireland.
HLM was incorporated in Malta on 20 July 1995. HLM is a subsidiary (99.99%) of HSBC Bank Malta plc which in turn is a subsidiary (70.03%) of HSBC Europe BV, a HSBC Group company incorporated in the Netherlands. HLM is authorised to carry out the business of life assurance by the Malta Financial Services Authority.
HSBC Life (Europe) Limited is regulated by the Central Bank of Ireland. HSBC Life (Europe) Limited is registered in Ireland. Registered Office: 1 Grand Canal Square, Grand Canal Harbour, Dublin 2. Registration number 226152.