Hang Seng Bank seeks new insurance partner—report

The bancassurance partnership could value more than $100m.

Hong Kong-based lender Hang Seng Bank is looking for a new insurance partner after its existing agreement with QBE Insurance Group Ltd., has expired, according to a report by Bloomberg.

People knowledgeable about the matter told Bloomberg that Hang Seng is currently working with a financial adviser as it explores a new bancassurance partnership agreement that could value more than $100m. 

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The report said that insurance firms seeking to expand in Hong Kong have expressed preliminary interest. QBE is also throwing its hat in the ring as with a new partnership proposal.

Hang Seng previously sold its general insurance business to QBE in 2012 and has signed an exclusive 10-year distribution agreement with the Australian insurer which ended this year.