PICC Property and Casualty Company issues first "Sidecar" insurance-linked security in the Hong Kong market

People's Finance News, 10 month 14 day: According to information from PICC Property and Casualty Company Limited (PICC P&C), the company recently successfully issued a "Sidecar" insurance-linked security in Hong Kong to provide reinsurance coverage for its marine wind power insurance underwriting business. This issuance marks the first Sidecar-structured insurance-linked security in the Hong Kong market and the first such issuance by a domestic Chinese insurance institution. It represents another innovative practice by the company in leveraging international capital markets to diversify insurance risks, following its issuance of a catastrophe bond in Hong Kong in 2022.