Hong Kong's Insurance Authority (IA) has granted new authorisations to HSH Captive Limited, set up by The Hongkong and Shanghai Hotels, and SF Captive Limited, set up by S.F. Holding.
The entrance of these two captive insurers brings the total number in Hong Kong to nine.
According to IA CEO Clement Cheung, the “arrival of the two captive insurers bears testimony to the successful execution of our strategy of developing Hong Kong into a leading risk management centre by focussing on local multinational corporations as well as state-owned enterprises and privately-owned enterprises in the Chinese Mainland.”
Said Mr Cheung, “The additional business generated by and different operating models associated with these new market entrants should also prove valuable in nurturing a mature captive ecosystem in Hong Kong.”