Chinese Reinsurer Formed in Guernsey, Europe's Top Captive Domicile
November 28, 2017
Chinese reinsurer Brilliant Reinsurance Limited has formed as Guernsey's first Chinese insurance company, providing further proof of the growing connection between Guernsey's insurance industry and China's business sector.
Alternative Risk Management (ARM), an independent insurance manager, helped establish the company and will manage Brilliant Reinsurance's retroceded business from the Lloyd's of London re/insurance market.
Dr. Yu-Tsung Chien and Malcolm Cutts-Watson will serve as Brilliant Reinsurance's directors.
Brendan Reeves, client service director at ARM, said that contributing success factors to the formation can be attributed to the Guernsey insurance sector's high international regard and Guernsey's proximity to London.
"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."
Mr. Reeves continued, "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 beginning to end and was always open to discussion and dialogue was also appreciated by our Chinese counterparts.
"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," said Guernsey Finance Deputy Chief Executive Kate Clouston.
Pictured above from left to right are Malcolm Cutts-Watson and Dr. Yu-Tsung Chien, directors of Brilliant Reinsurance (Guernsey) Limited, and Brendan Reeves, client service director at ARM. Picture is courtesy of We Are Guernsey.
November 28, 2017