The only captive insurance consulting group in China, Beijing Airport Captive Management Consulting (BACM), has announced a joint venture with Guernsey-based independent insurance manager, Alternative Risk Management (ARM).
In the partnership, ARM will assist BACM with the setting up of captive structures and captive management services for Chinese firms.
BACM is backed by the Beijing Airport Economic Core Zone (BAECZ), a key hub for China’s business, industrial and creative sectors.
Guernsey Finance, the promotional agency for the island’s finance sector, signed a Memorandum of Understanding (MoU) with the BAECZ on behalf of Guernsey’s finance sector in March this year.
ARM Managing Director, Charles Scott said captives are going to be at the forefront of innovation in China’s insurance market; “Chinese companies with international operations and those looking at expanding overseas are considering ways to use captive vehicles for their risk management needs rather than having to insure through the commercial market.
“It is therefore an opportune time to have established a key partnership on the ground in Beijing. The fact that Guernsey Finance signed an MoU with the Beijing Airport Economic Core Zone in March really facilitated our own agreement.”
News of the partnership follows last week’s announcement that Brilliant Reinsurance (Guernsey) had become the island’s first Chinese insurer, managed and established by ARM.