Axa will redomicile one of its Bermuda-based entities to Hong Kong, becoming one of the first companies to take advantage of the city’s newly launched corporate re-domiciliation regime.

Axa China Region Insurance Co (Bermuda) Ltd, known as Acrib, will move its legal domicile from Bermuda to Hong Kong, subject to regulatory approval. Once the process is complete, the company will be renamed Axa China Region Insurance Co (Hong Kong) Ltd.

The move comes as Hong Kong positions itself more aggressively as a reinsurance and risk management hub in the Asia-Pacific region. Authorities in Hong Kong introduced the new re-domiciliation rules in 2023 as part of a broader effort to attract international insurers and reinsurers to register there, simplify reporting and promote growth in the sector.

Sally Wan, chief executive of Axa Greater China, said the move goes beyond red tape. “We are excited to be among the first to redomicile to Hong Kong. This move is not merely administrative; it is a significant step forward in deepening our roots in Hong Kong and simplifying our reporting and compliance processes,” she said.

“I firmly believe it will provide strategic advantages that position us for long-term success in one of the world’s most vibrant markets,” she added. “By leveraging Hong Kong’s robust financial ecosystem and its increasing importance as a regional insurance hub and a global risk management centre, we look forward to capturing the opportunities arising from the region.”

The company said there will be no impact on Acrib’s legal entity, internal structure or day-to-day operations. Policyholders, distributors and business partners will retain all existing rights and obligations.

Hong Kong has been steadily building its regulatory infrastructure to support a global insurance presence. In 2022, the city’s Insurance Authority outlined a road map for developing a “global risk management centre”, including favourable tax policies, new insurance-linked securities frameworks and infrastructure to support green finance and parametric insurance.

The Hong Kong Federation of Insurers has expressed support for the new regime and its potential to attract more insurance companies to the city.