HSBC gets approval to set up captive insurer in HK

HSBC (0005) said it received approval from the Insurance Authority to set up a captive insurance company in Hong Kong.

Wayfoong (Asia) Limited, officially commencing operations on May 1, is the first captive insurer established in the city by an international financial institution.

Wayfoong will serve as a risk management tool for HSBC, helping to consolidate and diversify insurable risks. 

It will provide reinsurance coverage for employee benefits in Hong Kong as well as other risks across HSBC’s operations in Asia.

STAFF REPORTER