China Taiping Insurance (HKG:0966) took a dip Thursday amid a massive fire at a high-rise housing complex in Hong Kong, which the company underwrote, Bloomberg News reported Thursday.

The company's shares fell as much as 8.1% before paring losses to about 1.4% as of noon Hong Kong time.

The firm reportedly underwrote third-party liability and employee compensation for mandatory building and window inspection work at Wang Fuk Court in Tai Po.

The policy covers the full HK$315.6 million contract sum of the project, plus HK$50 million for accidents, as well as HK$200 million in employee compensation. The insurer also agreed to provide a HK$2 billion general property-all-risk coverage, the report said.

Fire officials said early Thursday that four buildings in the Tai Po estate had been brought under control, while three remained ablaze as of about 6 a.m. local time.

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