Two new captives boost Hong Kong hub ambitions

Hong Kong’s Insurance Authority (IA) has granted new authorisations to HSH Captive Limited set up by The Hongkong and Shanghai Hotels, a luxury hospitality and lifestyle brand name based in Hong Kong and SF Captive Limited set up by S.F. Holding Co., Ltd. which is a global logistics service provider headquartered in Shenzhen. 

They bring the total number of captive insurers domiciled in Hong Kong to nine.  

Clement Cheung, chief executive of the IA, said that 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 focusing on local multinational corporations as well as state-owned enterprises and privately-owned enterprises in the Chinese Mainland.” 

“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,” he added.   

Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui, commented: "The decisions by The Hongkong and Shanghai Hotels, Limited and SF Holding Co Ltd to establish their captive insurers in Hong Kong once again demonstrate the strong confidence of various local and overseas enterprises in Hong Kong's robust regulatory regime and favourable business environment. The gradual expansion of the captive insurance market in Hong Kong will further strengthen the city's position as a leading insurance and risk management hub in Asia, enabling enterprises to manage their risks more effectively while supporting the sustainable growth of the economy."

He added that to continue attracting multinational insurance groups and captive insurance institutions to establish their presence in Hong Kong and consolidate Hong Kong's position as an international risk management centre, the Government and the IA have long been making dedicated efforts to provide comprehensive insurance solutions for large international corporations to enhance their global risk management strategies.

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