Insurance is one of the oldest industries in Hong Kong, and it has long played a significant role in the city's economic development. Suffice it to say that the insurance industry has evolved in step with the economy at large. In essence, the industry's development encapsulates that of the overall development of the territory. The industry's birth in Hong Kong can be traced to the establishment of the Canton Insurance Office Ltd. and the Union Insurance Society of Canton in the nineteenth century. Canton Insurance was jointly formed, and run, by turns, by Davidson-Dent and Magniac & Co. In 1835, Dent quit the joint operation and set up Union Insurance. The following year, Jardine, Matheson & Co. re-established Canton Insurance as a limited liability company. After the British took over Hong Kong in 1841, Canton Insurance and Union Insurance moved their bases of operations and registered for business in what was soon to be the Crown colony.
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