Guernsey has heralded the recent formation of the island's first Chinese insurance company, Brilliant Reinsurance (Guernsey) Limited, as further evidence of the growing ties between China's business sector and the island's insurance industry.
It follows in the footsteps of four insurance-related memoranda of understanding signed between the jurisdictions over the past 18 months.
Managed and established by independent insurance manager Alternative Risk Management (ARM), Brilliant Reinsurance will focus on business from the Lloyd's of London market.
Brendan Reeves of ARM said the high regard in which Guernsey's insurance sector is held internationally played an important part in the vehicle's creation. He also highlighted Guernsey's close proximity to London, and the fact it is in the European time zone, as other important factors.
Kate Clouston of Guernsey's financial services promotion agency, Guernsey Finance, welcomed the news commenting: "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."
By Courtesy of Lowtax.net