FSTB welcomes inaugural issuance of "sidecar" insurance-linked securities in Hong Kong

The Financial Services and the Treasury Bureau welcomed an inaugural issuance of insurance-linked securities (ILS) in the form of "sidecar" by the PICC Property and Casualty Company Limited (PICC P&C) in Hong Kong, with a size of US$12 million (equivalent to about HK$94 million), providing quota share reinsurance protection for offshore windfarm property insurance businesses on the Chinese Mainland. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "To support the National 15th Five-Year Plan, which identifies the enhancement of the catastrophe risk protection framework and risk-pooling mechanisms as a key task, the Hong Kong's First Five-Year Plan published last month proposed fully leveraging Hong Kong's competitive edge in the international insurance, reinsurance, and capital markets to advance the synergised development of traditional insurance and non-traditional risk management tools. This will enable us to unleash the synergy effect of multilayered risk transfer and pooling mechanisms through ILS and other tools, thus consolidating our strategic role as a regional and global catastrophe and specialty risk management hub. "We welcome PICC P&C’s

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