Brilliant Reinsurance (Guernsey) Limited, Guernsey’s first Chinese reinsurer has been established, further deepening the relationship between Guernsey’s re/insurance industry and China’s business sector.
The new company was established and will be managed by Alternative Risk Management (ARM), and will have a focus on business being retroceded from the specialist Lloyd’s of London insurance and reinsurance marketplace.
Dr. Yu-Tsung Chien and Malcolm Cutts-Watson will serve as Directors of Brilliant Reinsurance (Guernsey) Limited.
Brendan Reeves, Client Service Director, 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 fact that 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. It was important we developed the right structure for Brilliant Reinsurance and we are delighted to see it finally come to fruition. It’s a really positive step in the international development of ARM to be associated with such an exciting venture.”
Reeves also highlighted Guernsey’s proximity to London as another beneficial factor.
“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,” said Reeves.
In recent times, a number of insurance-related memorandum of understandings (MoUs) have been signed between the two regions, something noted by Guernsey’s Finance Deputy Chief Executive Officer (CEO), Kate Clouston.
“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,” said Clouston.
