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New Year heralds new beginnings for Kane

Kane began the New Year with a bang, opening an office in New York, securing additional funding from its backers and completing the first phase of the integration of HSBC Insurance Management (HIM) into the business.

HIM is the Group's most important acquisition to date. It was acquired on 1 June 2011 and has significantly broadened the scale, capabilities and global reach of Kane, which now has licenses in 17 jurisdictions and boasts a wide range of services including Captive Management, Insurance-Linked Securities Administration and Life, Pension and Investment (LPI) Administration. As confirmed by Business Insurance magazine in December 2011, Kane is now the world's largest independent captive insurance manager.

There has been some restructuring of the business as part of the integration, with offices relocated to new premises and a reorganisation of the management team to reflect Kane's wider global reach. Operations in Bermuda, Cayman, London and Vermont have already moved to new offices and similar moves are planned in Malta and Guernsey early in the year.

As part of the management reorganisation, Kane has employed Simon Hinshelwood, an experienced global financial services executive, as Group CEO to replace Stephen May, who left in November 2011. Clive James, who was Group M&A Director, has taken on the new role of Group Chief Operating Officer and Shaun Brook, previously Kane’s Middle East Director, is now heading up operations across Europe and the Middle East.

"We couldn’t be happier with how the integration has gone so far," said Keith Tozzi, Group Chairman of Kane. "Inevitably there have been some changes to reflect our new organisation, but throughout we have maintained our strong focus on building and maintaining client relationships. Not only have we retained both Kane and HIM clients during this process but we have continued to grow our client base."

With plans for further growth in 2012, Kane has received additional funding from its UK private equity partners CBPE. This has gone towards a new office in New York, which was opened in January 2012, and to further grow Kane’s LPI business. The business, which already services a client base in numerous geographic locales such as Latin America, the Middle East, Africa, the Caribbean and the Far East, will launch new products in Europe and the Middle East as the year progresses.

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