HSBC Europe has agreed to sell its Irish insurance business to a Bermuda-based company for an undisclosed amount.In an announcement to the London Stock Exchange, the bank said it was selling HSBC Insurance (Ireland) and HSBC Reinsurance to Bermuda-based Catalina Holdings Ltd.HSBC Insurance (Ireland) employs some 13 people in Dublin, the majority of whom will move to Catalina with the sale. Terms of the sale were not revealed, but the combined business had gross assets of $273 million at the end of March.The businesses predominantly deal with creditor, property, travel and motor insurance. They closed their door to new businesses and were placed into run-off in June 2009 and June 2012 respectively.The transaction, which is subject to regulatory approval from the Central Bank of Ireland, is expected to be complete in the third quarter of 2012.Earlier this year, HSBC and Hang Seng Bank agreed to sell their general insurance businesses in Hong Kong, Singapore, Argentina and Mexico to AXA and QBE Insurance Group.HSBC Holdings, the parent company of the HSBC Group, has 7,200 offices in more than 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, the Middle East and North Africa.Catalina, which was established in Bermuda in 2005, specialises in the acquisition and management of non-life insurance and reinsurance companies and portfolios in run-off. Recent acquisitions include Residential Loss Control Holdings in Q3 of 2011, Glacier Re in Q2 of 2011, Western General Insurance in 2012, Alea UK in 2009 and Quanta Capital Holdings in 2008.