In regard to enquiries on the winding-up petition against Everwin Enterprise (Hong Kong) Limited (“Everwin Enterprise”) filed with the High Court of Hong Kong (the “Court”), Tahoe Life Insurance Company Limited (Incorporated in Bermuda with limited liability) (the “Company” or “we”) would like to respond as follows:
We are informed by Everwin Enterprise that an amicable settlement has been reached with respect of the winding up petition. The petition has been dismissed and a prior order was rescinded by the Court upon a joint application of the parties. The proceedings have now been concluded.
Everwin Enterprise is a wholly-owned subsidiary of Tahoe Investment Group Company Limited. Everwin Enterprise holds 100% shares of Thaihot Investment (Bermuda) Company Limited, where the latter holds 100% shares of the Company.
The Company's business operations and financials are independent of Tahoe Investment Group Company Limited and its subsidiaries (including Everwin Enterprise, Thaihot Investment (Bermuda) Company Limited and Tahoe Group Company Limited (listed on the Shenzhen Stock Exchange)). The Company’s day-to-day operations are supervised by our professional management team which is independent of Everwin Enterprise. No Everwin Enterprise director serves on the Board of the Company.
The Company is an insurance company regulated by the Insurance Authority in Hong Kong (“Insurance Authority”) and the regulatory authority in Bermuda. We have a solid financial position. Our current solvency ratio maintains at a level compliant with regulatory requirements. The Company has sufficient capital and liquidity to fully fulfil the capital needs for policy claims and surrender upon maturity. We have been following a robust risk management framework and a prudent investment strategy in accordance with the requirements of the Insurance Authority and the regulatory authority in Bermuda.
In addition, we have strictly complied with the regulatory measures imposed by the Insurance Authority on the Company, including prohibiting any transfer of our bank deposits or assets outside Hong Kong or the provision of financial assistance to any specified institutions or individuals, and also requiring the Company to focus mainly on quality investments to ensure the liquidity, security and stability of our assets in place and to safeguard policyholders' interests. We will continue to strictly comply with the requirements set out by the regulatory authority to ensure that our policyholders’ benefits are not affected, including the Everwin Enterprise case.
The Company is maintaining our operations as usual and we will continue to fulfil our obligations under all insurance policies including policy benefits, claims, underwriting and customer services, with all terms and conditions remain unchanged for our customers. The Company has also temporarily ceased underwriting any new business from 8 February 2021. We will continue our discussion with reputable potential investors with robust financial strengths on the future direction of business development, the long-term goals and the details of the transaction. We aim to consummate and implement the collaborative mechanism and operating model in the near future so as to maximise synergies and bring the greatest benefits to investors, customers and all stakeholders.
Protecting policyholders’ best interests has always been the top priority at Tahoe Life. We will continue to serve all customers professionally as usual. Customers can contact us at our Customer Service Hotline (852) 3767 8777 or email us at cs@tahoelife.com.hk for any inquiries.
Originally posted on 17 June 2022
Updated on 30 August 2022
