Brilliant Reinsurance (Guernsey) Limited is the first Chinese insurance company established in Guernsey.
Brilliant Reinsurance (Guernsey) Limited has become Guernsey’s first Chinese insurance company.

Over the past 18 months, officials from China and Guernsey have signed four insurance-related memoranda of understanding (MoUs). The establishment of this insurance company is further evidence of the strengthening cooperation between Guernsey's insurance industry and the Chinese business community.
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 (MoU) between the jurisdictions over the past 18 months.

Brilliant Reinsurance was formed and is managed and operated by Alternative Risk Management (ARM), and it focuses on reinsurance business retroceded from the Lloyd's of London market. The company's directors are Dr Yu-Tsung Chien and Malcolm Cutts-Watson.
Managed and established by Alternative Risk Management (ARM), Brilliant Reinsurance will focus on business being retroceded from the Lloyd’s of London market. The company’s directors are Dr Yu-Tsung Chien and Malcolm Cutts-Watson.

Brendan Reeves is Client Service Director at Alternative Risk Management (ARM). He said the high regard in which the international financial community holds Guernsey's insurance industry played a very important role in the establishment of Brilliant Reinsurance (Guernsey).
Brendan Reeves, Client Service Director at ARM, said the high regard in which Guernsey’s insurance sector is held internationally played an important part in the vehicle’s creation.

Mr Reeves said: "The Chinese principals and the industry have been keenly aware that Guernsey is an ideal partner for financial business. As Europe's most developed captive insurance domicile, Guernsey has a well-regarded legal and regulatory environment, and that reputation is fully deserved."
“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,” said Mr Reeves.

"The Guernsey Financial Services Commission was not only involved in the formation of Brilliant Reinsurance from beginning to end, but was also open-minded and receptive to sound suggestions put forward by others, which our Chinese counterparts greatly appreciated. ARM designed a sound corporate structure for Brilliant Reinsurance, and we are delighted to see it all finally come to fruition. The formation of this vibrant venture is a solid step in ARM's expansion of its international business.

“The fact that the Guernsey Financial Services Commission was engaged in the company’s set up from beginning to end and was always open to discussion and dialogue was also appreciated by our Chinese counterparts. It was important we developed the right structure for Brilliant Reinsurance and we are delighted to see it finally come to fruition. It’s a really positive step in the international development of ARM to be associated with such an exciting venture.”

Mr Reeves also pointed to Guernsey's other advantages for developing the captive industry, such as its close geographical proximity to London and its position in the European time zone.
Mr Reeves highlighted Guernsey’s close proximity to London and the fact it is in the European time zone as other important factors.

"For Chinese financial enterprises looking to expand internationally, Guernsey is an ideal partner. In addition, over the past 10 years Guernsey's financial regulator has maintained an office in Shanghai and has done much fruitful work to raise the international profile of Guernsey's financial services."
“Logistically, Guernsey is really well placed for Chinese businesses expanding their focus internationally. In addition, Guernsey Finance has had an office in Shanghai for the past 10 years and done a lot of valuable work over that period in raising the profile of Guernsey’s offering in financial services.”

Kate Clouston, Deputy Chief Executive of Guernsey Finance, said that in recent years Guernsey has signed four insurance-related MoUs, the two most recent both signed in March this year - one between the Guernsey Financial Services Commission and the China Insurance Regulatory Commission, and another between Guernsey Finance and the Beijing Airport Economic Core Zone (an important Chinese business centre). This all shows that Guernsey is increasingly becoming sought-after ground for offshore finance, and I am truly delighted by that.
Guernsey Finance Deputy Chief Executive Kate Clouston said she was delighted to see business opportunities emerging from the region, particularly in the wake of the four insurance-related MoUs, the most recent of which were signed in March this year by the Guernsey Financial Services Commission and the China Insurance Regulatory Commission, as well as Guernsey Finance and the Beijing Airport Economic Core Zone – a key Chinese business centre.

Miss Clouston also said: "In recent years, the friendly cooperative relationship between Guernsey and China has developed rapidly. Guernsey provides highly professional services and enjoys an outstanding reputation in many areas of financial services, and we are very pleased about that."
“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,” said Miss Clouston.

"The insurance industry is vital to the national economy and people's livelihoods, and its steady development can bring many opportunities for all parties. We look forward to helping as many Chinese insurers as possible expand their international business."
“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.”

Source: Guernsey Finance 2017-11-27