HSBC has received approval from the Hong Kong Insurance Authority to establish Wayfoong (Asia) as a captive insurer in Hong Kong.
Wayfoong (Asia) was authorised on 28 April to underwrite all 17 classes of general business in the territory. The entity officially commenced operations on 1 May 2025.
It is the first captive insurer established in Hong Kong by an international financial institution.
The captive aims to help HSBC consolidate and diversify its insurable risks, including providing reinsurance for employee?benefits liabilities in Hong Kong and other Asian markets.
Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui, welcomes the move, noting that the jurisdiction’s strong foundation in investment and trade makes it an ideal location for global enterprises to access insurance, reinsurance and risk management services, as well as establish captive insurers.
