appConfigEntityId

bodyType

customContents

entityId

entityUuid

isVideo

articlePageQuery

article

articleSchemaContent

content

hooksArticlePageAdvertisementConfigArticle

hooksArticlePageFloatingButtonConfigArticle

appConfig

filter

json

liveArticle

Enoch Yiu

The owners of luxury hotel brand The Peninsula and logistics firm SF Holding have gained approval from Hong Kong’s insurance regulator to set up captive insurers, marking the latest step in the city’s drive to develop into a risk management centre.
Hong Kong’s Insurance Authority (IA) said on Wednesday that it had granted a licence to HSH Captive, established by The Hongkong and Shanghai Hotels, which owns the Peninsula hotel chain and the popular Peak Tram tourist attraction. It also granted a licence to SF Captive, set up by Shenzhen-headquartered SF Holding, bringing the total number of captive insurers in the city to nine.
A parent company sets up a captive insurer to provide insurance ­protection for all firms within the group. This helps manage risks more effectively and retain profits that would otherwise go to an external company.
“[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,” said Clement Cheung Wan-ching, CEO of IA.
The Hongkong and Shanghai Hotels’ unit would also be the city’s first captive insurer to underwrite property damage and business interruption risks as its sole line of business. The hotel group’s CEO, Benjamin Vuchot, said the move marked an important step in strengthening the company’s position as a leading luxury hospitality and lifestyle brand.
“It enhances our risk management capabilities and takes our company to the next level in supporting our long-term growth,” Vuchot said in a statement on Wednesday. “As a Hong Kong-based company with over 160 years of heritage, we are proud to contribute to the city’s development as a global risk management centre.”
This would be a good way for Hong Kong to develop as a risk management centre
Tom Chan Pak-lam, Institute of Securities Dealers
The Hong Kong government has in recent years offered tax incentives to encourage more large companies to establish captive insurers in the city, including a 50 per cent reduction in the profits tax rate for such businesses.
The measures have helped attract three new captive insurers so far this year, following the establishment of two in 2025.
“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,” said Secretary for Financial Services and the Treasury Christopher Hui Ching-yu.
“The government and the IA will continue to reach out to Hong Kong, mainland and international enterprises with the potential to establish captive insurers, with a view to further expanding the local captive ecosystem.”
Hong Kong should be able to continue attracting more large corporations to set up captive insurance companies, according to Tom Chan Pak-lam, honorary president of the Institute of Securities Dealers.
“After the Hong Kong government introduced the tax incentives and carried out a lot of promotion, we have seen a total of five new captive insurers set up from different industries,” Chan said.
“This shows the city is able to attract a diversified group of large companies to set up captive insurers here. This would be a good way for Hong Kong to develop as a risk management centre.”


Mainland Chinese tax drive flags Hong Kong MPF accounts as offshore trusts

Insurers Prudential, Manulife seal tech alliances amid Beijing’s tightened tax rules

Will China’s US$54b capital injection be enough to ease financial strains?

China’s capital injection steels banks, insurers for rough road ahead

Insurance

The Peninsula’s owner and SF Holding set up captive insurers in Hong Kong

Peninsula Hotel in Tsim Sha Tsui, Hong Kong, taken in April 2018. Photo: SCMP/Winson Wong

Beijing unveils policy enhancements to give ‘vitality’ to Hong Kong markets

Pan Gongsheng, governor of the People’s Bank of China gives a keynote speech at Hong Kong FIC & Bond Connect Summit in Admiralty. Photo: Sun Yueng

Pan Gongsheng, governor of the People’s Bank of China, gives a keynote speech during the Hong Kong FIC Bond Connect Summit at the JW Marriott Hotel Hong Kong in Admiralty. Photo: Sun Yeung

Why Hong Kong’s new corporate treasury centre plan could be a game changer

Hong Kong is competing with financial hubs such as Singapore, Dublin and Luxembourg to attract corporate treasury centres that manage cash, funding and investment activities for multinational groups. Photo: Elson Li

Hong Kong is seeking to attract more corporate treasury centres through tax reforms and a proposed pre-approval mechanism aimed at providing greater certainty for businesses. Photo: Karma Lo

Industry groups say changes to Hong Kong’s corporate treasury centre regime could strengthen the city’s appeal as a regional base for cash management, financing and risk management activities. Photo: Sam Tsang

Hong Kong gazettes tax break for fund managers’ bonuses to bolster role as wealth hub

The skyline seen from the Hong Kong Museum of Art. Photo: Elson Li

Robert Lee Wai-wang at his offices in Central. Photo: Jonathan Wong

Victoria Harbour and Hong Kong’s skyline seen from the peak. Photo: Karma Lo

Hong Kong’s war-risk pool testament to collaboration, insurance leader says

Selina Lau, chief executive of the Hong Kong Federation of Insurers, says the industry is helping to secure the city’s future. Photo: Jonathan Wong

SCMP news editor Denise Tsang (left) and Wilton Kee, CEO of Manulife Hong Kong and Macau, attend a panel discussion at the SCMP China Conference 2026. Photo: Jonathan Wong

Wilton Kee holds forth as Adrian Lam (second left) and Selina Lau (right) listen at a panel discussion moderated by the SCMP’s Hong Kong news editor Denise Tang. Photo: Jonathan Wong

How Hong Kong is fighting to redefine its future with an institutional moat, wealth surge

Illustration: Henry Wong

Business

Companies

The Hongkong and Shanghai Hotels CEO says the move enhances its risk management capabilities and supports its long-term growth


The Hongkong and Shanghai Hotels CEO says the move enhances its risk management capabilities and supports its long-term growth.


The Peninsula’s owner and SF Holding set up captive insurers in Hong Kong

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The Hongkong and Shanghai Hotels CEO says the move enhances its risk management capabilities and supports its long-term growth

The Hongkong and Shanghai Hotels CEO says the move enhances its risk management capabilities and supports its long-term growth