Beijing Airport Captive Management Consulting (BACM) has established a joint venture with Guernsey-based 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 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: “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 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) 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.