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Guernsey, China In Landmark Captive Insurance Partnership

by Amanda Banks, Lowtax.net, London
01 December, 2017

Guernsey-based independent insurance manager Alternative Risk Management (ARM) and Beijing Airport Captive Management Consulting (BACM) have established a joint venture to create captive structures and provide captive management services for Chinese businesses.

BACM is understood to be 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 with the BAECZ on behalf of Guernsey's finance sector in March this year.

ARM Managing Director Charles Scott commented on the joint venture saying captives are going to be at the forefront of innovation in China's insurance market.

He said: "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."

"It is therefore an opportune time to have established a key partnership on the ground in Beijing. The fact that Guernsey Finance signed a memorandum of understanding 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 Guernsey'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.

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