Axa Hong Kong and Macau has completed the re-domiciliation of its Bermuda-incorporated insurance subsidiary to Hong Kong, marking one of the first insurer moves under the territory’s new re-domiciliation regime.

Effective Monday, Axa China Region Insurance Co (Bermuda) Ltd transferred its domicile from Bermuda to Hong Kong and was renamed Axa China Region Insurance Co (Hong Kong) Ltd.

Sally Wan, chief executive of Axa Greater China, said the re-domiciliation demonstrated the group’s confidence in Hong Kong’s strategic role and growth prospects, and “reflects our unwavering commitment to serving customers with resilience and innovation”.

She added that Axa expects to benefit from Hong Kong’s “robust economy” and its role as a regional centre for insurance and risk management.

The move comes as Hong Kong steps up its efforts to attract internationally incorporated insurers, including Bermudian-based firms, under legislation introduced last May that allows companies to change their legal domicile without dissolving existing structures or contracts. Previously, insurers seeking to relocate were required to wind up their entities and reincorporate, a process widely seen as costly and impractical.

Hong Kong’s secretary for financial services and the treasury, Christopher Hui, has been promoting the regime overseas, including in Toronto, where he encouraged Bermudian-incorporated insurers such as Manulife and Sun Life to consider relocating, according to the South China Morning Post.

Manulife completed its re-domiciliation in December, while Sun Life has confirmed it is considering a similar move. Axa was the first insurer to begin the process after the law change, but the second to complete it.

Industry observers say global tax reforms may also be influencing the shift. Bermuda’s new corporate income tax on companies with annual revenues above €750 million (about $892 million) has raised concerns around potential double taxation and expanded disclosure requirements.

Following the Hong Kong move, Axa said it plans to apply in early February to update the name of its Macau branch to reflect the re-domiciliation.