CHINA’S CNOOC SETS UP INSURANCE SUBSIDIARY IN HONG KONG

China National Offshore Oil Corp (CNOOC) has set up an insurance subsidiary in Hong Kong to underwrite risks for CNOOC companies, the South China Morning Post reports today. Hong Kong’s insurance commissioner’s office has issued a licence to CNOOC Insurance, making CNOOC the first mainland state-owned enterprise to form a captive insurance firm in Hong Kong. CNOOC, which is involved in offshore oil and natural gas exploration and production, is preparing for a share listing in overseas markets, including Hong Kong, next year. Insurance commissioner Benjamin Tang Kwok-bun said that the captive insurer would help CNOOC manage its risks and allow it to access the international reinsurance market.