Aon brokerage announced today it is opening a Hong Kong office as a location to base captive insurance operations that can take advantage of the flow of commerce toward China.
Stephen Cross, chief executive officer of Aon Captive Services Group (ACSG), told National Underwriter from Dublin, Ireland, that business going into China and privatization of some industrial groups has created an “interesting market. We believe we're getting in on the ground floor level.”
Mr. Cross said he is currently working with the Hong Kong insurance regulator to come up with captive legislation with some “distinguishing features” from other captive domicile competitors. “We've got to have something to differentiate to make it more attractive so we can advance this concept along,” he added.
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