PICC P&C Insurance issues the Hong Kong market's first "sidecar" insurance-linked securities

The reporter learned from PICC Property and Casualty Company Limited that it recently successfully issued a "sidecar" insurance-linked securities in Hong Kong, providing reinsurance protection for the offshore wind power insurance business underwritten by PICC P&C. This issuance is the first "sidecar" structured insurance-linked securities issuance in the Hong Kong market, and also the first "sidecar" insurance-linked securities issuance by a domestic insurance institution. It is another innovative practice by the company in using international capital markets to diversify insurance risk, following its issuance of catastrophe bonds in Hong Kong in 2022.