Efforts to build business links between Guernsey and China are bearing fruit.
Brilliant Reinsurance (Guernsey) Limited has become the island’s first Chinese insurance company.
It follows the signing of four insurance-related Memoranda of Understanding (MoU) between the jurisdictions over the past 18 months.
Managed and established by Alternative Risk Management (ARM), Brilliant Reinsurance will focus on business being retroceded from the Lloyd’s of London market. The company’s directors are Dr Yu-Tsung Chien and Malcolm Cutts-Watson.
Brendan Reeves, Client Service Director at ARM, said: “It was important that the Chinese principals felt comfortable with the jurisdiction they were working with and Guernsey certainly met those requirements owing to our reputation as Europe’s number one captive insurance domicile and our well-regarded legal and regulatory environment.”
The Guernsey Financial Services Commission was engaged in the company’s set up from the start.
Mr Reeves cited Guernsey’s proximity to London and the fact it is in the European time zone as other important factors. He said: “Logistically, Guernsey is really well placed for Chinese businesses expanding their focus internationally. In addition, Guernsey Finance has had an office in Shanghai for the past 10 years and done a lot of valuable work over that period in raising the profile of Guernsey’s offering in financial services.”
Guernsey Finance Deputy Chief Executive Kate Clouston said: “Guernsey’s ties with China have rapidly developed in recent years, and we are very pleased that the island has gained such a positive reputation there as an expert in many different areas of financial services. The insurance sector in particular is yielding new opportunities across the board and we look forward to helping Chinese companies enhance the international aspects of their work.”
