The sentencing includes a HK$3.7m (US$471,626) restitution order in favour of CCB Asia, reflecting the value of cryptocurrency bribes accepted by the former banker.
The insurer's potential exposure will hinge on legal and contractual proceedings following the project's termination over force majeure and war-risk circumstances.
The insurer will pursue a further appeal after an appellate authority confirmed a disputed GST demand and penalty relating to the period between July 2017 and March 2022.
Both insurers responded to a Financial Times report on their cover for the trader, which is accused of raising bank credit against invoices for trades that did not exist.
The insurer said the order is not expected to have a material adverse impact on its financial operations at this stage, as it intends to challenge the decision.
The broker expects the structure to appeal to smaller firms exploring captives, larger corporates pursuing phased ownership strategies and ILS sponsors.
