FuSure Reinsurance, a joint venture owned by Tencent Holdings, won a license allowing it to offer reinsurance services in Hong Kong, demonstrating a step into the financial services sector, reported Caixin.
The Hong Kong Insurance Authority confirmed that FuSure Reinsurance is now authorized to provide reinsurance services in the financial hub. Based in Hong Kong, the joint venture is allowed to provide 17 types of products ranging from health to shipping reinsurance.
While FuSure Reinsurance is not permitted to offer direct insurance products to ordinary consumers, it can provide services to other insurers.