UK-headquartered Newline Group has announced the establishment of its Hong Kong operations under the entity Newline Hong Kong Services Limited, signalling the specialty insurer’s ongoing expansion in Asia.
The company has been active in the region since opening its Singapore office in 2007.
According to Bob Pollock, CEO of Newline Group, the move is part of a broader plan to enhance the company’s presence in significant markets.
“I’m pleased to see an important market such as Hong Kong added to our geographical footprint. This expansion demonstrates Newline’s commitment to our broking partners, insureds, and cedants in Hong Kong and continues our ongoing strategy of providing local expertise and service,” he said.
Rachel Flynn, CEO of Newline Asia, said the Hong Kong office will offer the full portfolio of products underwritten by Newline Syndicate 1218 at Lloyd’s.
“With underwriters on the ground in Shanghai, Singapore, Malaysia, and now Hong Kong, our commitment to our markets is evident,” she said.
The opening of Newline Group’s Hong Kong office coincides with the city’s growing prominence as an international insurance centre.
Stephen Yiu, chairman of the Hong Kong Insurance Authority (IA), recently highlighted the city’s performance in the global insurance market, citing findings from Swiss Re’s World Insurance Sigma Report. Hong Kong ranked as the 16th largest insurance market in 2023, with total premiums reaching HK$550 billion.
Despite its small population of 7.5 million, the city recorded the highest global insurance penetration rate and the second-highest insurance density.
Yiu attributed Hong Kong’s growth to regulatory advancements, including the full implementation of the Risk-Based Capital (RBC) framework in 2024. This framework introduces capital requirements based on insurers’ specific risk profiles, aligning the city’s regulations with global standards.
The new office will be headed by Carson Choi, who previously served as head of financial risks practices at Grandwood Insurance Brokers Limited.
Working closely with Simon Moi, chief underwriting officer for Newline Asia, Choi will focus on growing the company’s footprint in the region.
Newline Group operates across more than 80 countries, specialising in casualty, cargo, and other specialty insurance lines. The company is part of Odyssey Group, which is a subsidiary of Fairfax Financial Holdings Limited.
