By Bangyan Feng
This is often the 1st accomplished heritage of Hong Kong's coverage undefined, and argues its important significance within the economic system. Typhoons, shipwrecks, fires, wars, political turbulence and unforeseen occasions of all types offer a dramatic historical past to a desirable survey.
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Extra info for Enriching Lives: A History of Insurance in Hong Kong, 1841-2010
18 In 1862, Russell launched an even more aggressive push than Heard in the underwriting market by establishing the Yangtze Insurance Co. in Shanghai. Registered in Hong Kong with a paid-up capital of 417,880 taels of silver, Yangtze quickly set up branches in London, New York, and Singapore; it also named some thirty agents in mainland ports. Russell acted as agent for Yangtze’s clients exclusively to indemnify all of the firm’s vessels and cargo. That way, Russell nearly monopolized the shipping insurance market along the Yangtze.
In 1881, the company further restructured itself into a limited liability company, based on the First Company Ordinance. 5 million derived from the issue of 10,000 shares of stock at US$250 each. A few years later, Canton Insurance became one of the founding members of the Institute of London Underwriters. One of Hong Kong’s Earliest Insurers: Union Insurance Society of Canton Having quit operating Canton Insurance with Jardine Matheson in 1835, Dent & Co. set up the Union Insurance Society in Guangzhou.
Established in 1909 and registered in Hong Kong with expansion into Shanghai. The latter half of the nineteenth century marked the first peak in the development of Hong Kong’s insurance industry with the following noteworthy trends: 31 32 Enriching Lives (1) Major foreign firms invested in and founded numerous insurers. Headquartered in Hong Kong, these insurers aggressively sought out business in the mainland market. In decades afterwards, this evolved into an insurance business network that covered major cities on the Mainland, with Hong Kong as the nexus.