Brilliant Reinsurance has become the first Chinese insurance company to be based in Guernsey.
Managed and established by Alternative Risk Management (ARM), Brilliant Reinsurance will focus on business being retroceded from the Lloyd’s of London market.
Malcolm Cutts-Watson and Dr Yu-Tsung Chien have been appointed as directors of the company.
Brendan Reeves, client service director at ARM, commented: “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.”
According to Guernsey Finance, the company’s formation is further evidence of the growing ties between Guernsey’s insurance industry and China’s business sector as it follows in the footsteps of the signing of four insurance-related memoranda of understanding between the jurisdictions over the past 18 months.
Guernsey Finance’s deputy CEO 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.”
She added: “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.”
