July 8 — The Hong Kong Insurance Authority approved licences for HSH Captive
Limited, set up by The Hongkong and Shanghai Hotels, Limited, and SF Insurance
Company Limited, set up by SF Holding Co., Ltd., bringing Hong Kong's captive
insurers to nine. Captives are typically used by large corporates to insure
defined intra‑group risks; lower administrative and compliance requirements can
boost group cost efficiency and productivity.