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HSBC Greenlighted to Establish Captive Insurer in HK
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HSBC announced that it had received approval from the Insurance Authority to establish a captive insurance company in Hong Kong. The new company, Wayfoong (Asia) Limited, commenced operations on May 1 and is the first captive insurer established by an international financial institution based in Hong Kong. Wayfoong (Asia) Limited will serve as a tool for HSBC to consolidate and diversify insurable risks, providing reinsurance for risks related to employee benefits in Hong Kong and other HSBC markets in Asia. AAStocks Financial News |
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