Swiss Re Corporate Solutions announced that it has closed down its Hong Kong office and surrendered its license.
"As part of our ongoing efforts to optimize our operations, we have taken the strategic decision to consolidate Swiss Re Corporate Solutions operations servicing Chinese corporations into our mainland China offices. Consequently, we will be surrendering our license in Hong Kong, subject to regulatory and legal requirements. Existing business from Hong Kong will continue to be serviced. Please note that this decision doesn’t impact our reinsurance business in Hong Kong which operates under a separate legal entity. As a Group, we remain committed to the Hong Kong market," Swiss Re said in an official statement.
"We are offering all necessary support to impacted staff and are in discussions with them to explore relocation and reassignment opportunities."