Guernsey has been named best Non-Asian Domicile at the inaugural 2018 Asia Captive Review Awards this week.
The awards recognise and reward exceptional providers of captive insurance products and services that have outperformed their competitors and demonstrated the highest levels of excellence over the past 12 months.
The judging panel of Asian risk and insurance managers said Guernsey had shown a strong commitment to the Asian market in recent years, including establishing a full-time representative in Hong Kong and having a permanent presence in Shanghai for more than 10 years.
There was also evidence of China becoming increasingly comfortable doing business with Guernsey, with the first Chinese commercial reinsurance company setting up in the domicile.
Brilliant Reinsurance (Guernsey), formed in 2017, is managed and established by Guernsey-based insurance manager Alternative Risk Management, which has itself formed a joint venture with Beijing Airport Captive Management Consulting.
Guernsey Finance Deputy Chief Executive Kate Clouston commented: “Guernsey’s relationship with China and the Asia Pacific has rapidly developed in recent years – the ventures announced last year and the MoUs signed between the jurisdictions are proof of that.
“The insurance sector in particular is yielding new opportunities across the board and we look forward to more success for Guernsey companies in the Far East.”
At the ceremony, held in Kuala Lumpur, on Monday 1 August, Guernsey-based captive insurance consultant Malcolm Cutts-Watson (pictured) collected the award on the island’s behalf.
• The full list of winners can be viewed here