Gibraltar could become the home for a number of new Chinese captives, according to Albert Isola MP, minister for commerce for HM Government of Gibraltar after Gibraltar Finance met with the Captive Specialised Committee of the Insurance Society of China.
The meeting, which was held on 7 January in Beijing, was the first of its kind for the committee.
The committee, established to carry out research, build a communication platform and achieve Chinese captive business development, invited Gibraltar Finance to discuss the development of captive insurance in China.
Michael Ashton, senior executive of Gibraltar Finance, who attended on behalf of Gibraltar, was a speaker at the conference.
The committee expressed that, although the captive industry in China is still taking baby steps with only few captives licensed, there is “significant interest” in the Chinese captive space.
Isola said: “We were honoured to have been invited by the Permanent Directors Council of the Insurance Society of China and to speak at this inaugural meeting.”
“As Chinese businesses continue to expand overseas and make acquisitions in Europe and across the world we believe there are opportunities for these businesses to establish captive insurance companies close to their acquired assets and we hope that Gibraltar will become the home for a number of these new captives. We will continue to work to facilitate this process."
