HSBC sells Canada insurance unit

Enstar Group said it would buy the US and Canadian closed-life insurance operations of HSBC Finance, a unit of HSBC Holdings, for a base price of $181m. Bermuda-based Enstar, which buys insurers that are no longer writing new business, bought compensation insurer SeaBright Holdings for about $252m in cash last Monday. Enstar is backed by hedge fund manager J Christopher Flowers and Goldman Sachs’s private equity arm GS Capital Partners.