Guernsey is to host its first insurance masterclass in Hong Kong
on 4 November 2016.
Guernsey, which is well-known in the western world for being the
leading captive insurance domicile in Europe, is now looking to
share its expertise with contacts across Asia.
The masterclass follows the signing of Memoranda of
Understanding (MoU) with both the China Captive Alliance and the
Kashgar Government by Guernsey representatives in June this year.
Both agreements set out a statement of intent to facilitate captive
insurance market development initiatives between the parties,
international communication, financial innovation and information
The Hong Kong masterclass, which takes place at the PwC
Executive Conference Centre in Central, will feature two panel
discussions, one on captive insurance and the other on employee
benefit trusts (EBTs), that will look at the risk management impact
of global developments on innovation and growth in these
Dominic Wheatley, Chief Executive of Guernsey Finance, said:
"Guernsey is Europe's number one captive insurance
domicile and is perfectly placed to share the expertise it has
gained from more than 50 years of providing financial services.
There is plenty that Asia's developing and evolving captive
insurance sector can learn from Guernsey in this area and we hope
that our event will offer guidance and insight into the possible
use of captive insurance companies by Asian corporations.
"As Asia becomes more exposed to international management
practices, recognition of the economic efficiency of insurance and
the financial efficiency of formal risk management, risk transfer
and risk financing models will increase."
The event is expected to appeal to insurance managers, risk
managers, HR directors, finance directors, lawyers and accountants
operating in Hong Kong or Asia.
The first panel session will examine the benefits of EBTs, how
they meet the diverse needs of multinationals and their
internationally mobile employees and Guernsey's role in the
world of international employee benefits. The second panel session
will consider the benefits of captive insurance companies,
challenges associated with international captive programmes, local
issues of domestic Asia captives and Guernsey's position as a
leading captive insurance domicile.
Moderators for the panel sessions: are Nick Griffin, Chief
Commercial Officer, Generali Worldwide, and Dr Andy Sloan, Director
of Financial Stability & International Policy, Guernsey
Financial Services Commission.
Panellists include: Charne Van Biljon, Assistant Legal Counsel,
Sovereign Group; Pasquale Gorrasi, Director, Generali Employee
Benefits; Caroline Bradley, Deputy Director of Banking and
Insurance, Guernsey Financial Services Commission; Geoffrey Cao,
Executive Director, Captive Website of China; Charles Scott,
Managing Director, ARM; and Rex Ho, Partner, PwC.
Guernsey opened a representative office in Hong Kong earlier
this year. The office, which is located at Three Pacific Place in
Admiralty, is used by Guernsey Finance as a base from which it can
carry out further promotional activities concentrated on the wider
South East Asia market, while it is also utilised by the GFSC to
provide regulatory advice to those in the region who might be
considering Guernsey-specific ventures.
Sponsors of the masterclass are ARM and Generali. Registration
will take place from 4.30pm and the event will commence at 5pm.
For further information or to book a delegate place please visit
event website. Alternatively, contact Vicky Richardson by email
or telephone +44 (0) 1481 720071.
Hiscox Syndicate 33 recently became the first Lloyd’s syndicate to enter into a sidecar transaction. This highlights the growing prominence of the sidecar as a capital-raising vehicle for property catastrophe risks.
Growth in the captive insurance market will be driven by intermediaries and brokers establishing vehicles to aggregate the risks of their individual customers, it has been claimed by a panellist at the Guernsey Insurance Forum.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).