Wednesday, December 13, 2017

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).

Guernsey Finance, the promotional agency for the island’s finance sector, signed a memorandum of understanding with the BAECZ on behalf of Guernsey’s finance sector in March this year.

Charles Scott, ARM’s managing director, said captives are going to be at the forefront of innovation in China’s insurance market.

News of the partnership follows last week’s announcement that Brilliant Reinsurance (Guernsey) 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 Chinese counterparts during 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.

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