Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

BEIJING AND GUERNSEY IN CAPTIVE INSURANCE JOINT VENTURE

BEIJING AND GUERNSEY IN CAPTIVE INSURANCE JOINT VENTURE

Beijing Airport Captive Management Consulting(BACM) has established a joint venture with the Guernsey-based independent insurance manager Alternative Risk Management (ARM).

The partnership will see ARM assist and work alongside BACM in the creation of captive structures and the provision of captive management services for Chinese businesses.

BACM is the only captive insurance consulting group in China and 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,” said Mr Scott.

“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) Limited had become the island’s first Chinese insurance company. Managed and established by ARM, Brilliant Reinsurance will focus on business being retroceded from the Lloyd’s of London market.

Guernsey has signed four insurance-related MoUs with its China counterparts over the past year. In addition to the agreement between Guernsey Finance and the BAECZ, the Guernsey Financial Services Commission also signed its own MoU in March with the China Insurance Regulatory Commission (CIRC), meaning that the Guernsey regulator has now signed MoUs with all of China’s financial services regulators.

In 2016 MoUs were agreed with the Chinese city of Kashgar and the China Captive Alliance and, in the last six months, at least three Chinese delegations have visited the island in order to better understand the full range of Guernsey’s specialist insurance, fund, private wealth and asset management products.

Guernsey Finance Chief Executive Dominic Wheatley said: “As Europe’s number one captive insurance domicile, Guernsey has the infrastructure and expertise already in place to assist Chinese companies with their risk management needs, particularly those expanding their operations internationally.

“ARM’s MoU with Beijing Airport Captive Management Consulting is proof of that and further recognition of Guernsey itself being recognised as a centre of excellence in this area.”

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post