Financial Services and Treasury Bureau Welcomes PICC P&C's First Sidecar Insurance-Linked Securities Issuance in Hong Kong

The Financial Services and the Treasury Bureau welcomes PICC Property and Casualty's issuance in Hong Kong of the first "sidecar" insurance-linked securities, with a total issuance amount of US$12 million (about HK$94 million), protecting its mainland China offshore wind power insurance business through proportional reinsurance. Secretary Christopher Hui said the government will work with the Insurance Authority to promote insurance-linked securities, and will study amending the legislation to introduce "protected cell companies" to reduce issuance costs.