Beijing-based Brilliant Reinsurance Brokers has launched an operation in Guernsey.
The firm – Brilliant Reinsurance (Guernsey) – is managed on the island by Alternative Risk Management (ARM) and will focus on business retroceded from the Lloyd’s of London market.
The company is led by Directors Dr Yu-Tsung Chien and Malcolm Cutts-Watson, a former Chairman of Willis and founder of Cutts-Watson Consulting.
Brendan Reeves, Client Service Director at ARM, said: “It was important that the Chinese principals felt comfortable with the jurisdiction they were working with, and Guernsey met those requirements. The fact that the Guernsey Financial Services Commission was engaged in the company’s set-up from beginning to end was appreciated by our Chinese counterparts.”
The launch follows the signing of four insurance-related Memoranda of Understanding (MoUs) between the jurisdictions over the past 18 months.
The most recent 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.
Pictured: (l-r) Malcolm Cutts-Watson, Dr Yu-Tsung Chien and Brendan Reeves