Bowtie first to receive Hong Kong virtual insurer licence

Bowtie Life Insurance Company Ltd has been granted the first virtual insurer licence by Hong Kong’s Insurance Authority, under its fast track pilot scheme. In its recent series A funding round, Bowtie raised HK$234 million (US$30 million) from Sun Life Hong Kong. Its shareholders include Hong Kong X Technology Fund and several angel investors. The firm was founded by Fred Ngan and Michael Chan, who are its co-CEOs. The two met in the US, where they both worked as actuaries in global advisory firms. After returning to Hong Kong, the duo built two insurtech start-ups prior to founding Bowtie.