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HONG KONGAon Captives Services Group, part of Chicago-based Aon Inc. has established an office in Hong Kong, its second in Asia alongside Singapore.The office will enable Aon to take advantage of "increasing risk exposures" coming out of the Asia-Pacific region, and in particular from China, the company said in a statement.
Stephen Cross, chief executive officer of ACSG said: "In particular, mainland China is witnessing phenomenal levels of direct foreign investment, which in many cases takes the form of a joint venture structure. This will further enhance opportunity for Hong Kong-based captives." "Captives are not a new concept, but are relatively new to Asia," Mr. Cross added. "Aon sees a large number of emerging companies from this region that would fit the typical captive profile."
The Hong Kong office will be headed by Clive James, the newly appointed group managing director of Aon Insurance Managers Global.