Bermuda-Based Chinese Insurer Signs Deal

July 15, 2015

A Bermuda-based Chinese insurance company is poised to launch an innovative risk-industry product under a deal signed in Hamilton this month.

A signing ceremony, held earlier this month at the Hamilton Princess hotel to formally mark the new venture, was attended by Chinese and Bermuda companies, Bermuda’s regulator, and the Bermuda Business Development Agency [BDA].

The deal will see TOP Reinsurance Co. Ltd., a recently licensed, Chinese-owned Bermuda Class C insurer, assist in the structuring of a new healthcare insurance product for the Chinese market.

The product, which must still receive approval from China’s regulatory authority, will be reinsured by a new Bermuda entity to be established and owned by Guangdong Wing Yue Investment Co. a member of China’s Daohe Group. The parties are being advised in Bermuda by Kane, PricewaterhouseCoopers and ASW Law Ltd.

china-bermuda

“This is a welcome development for the Bermuda market and once again emphasises the fact that our jurisdiction is a hub for innovation—in the risk industry and other sectors,” said Ross Webber, CEO of the BDA.

“Bermuda has long been a centre for ground-breaking products and approaches, and our global reputation in that area remains strong. We welcome TOP Reinsurance Co. Ltd and Guangdong Wing Yue Investment Co, and look forward to doing more business with Asia.”

Attendees from China included Xijian Zhou, Chairman, Qi Zhang, CEO, and Liwei Wang, CFO, respectively, of Guangdong Wing Yue Investment Company; and Min Cheng, Chairman, and Jiangtian Luo, Managing Director, both of TOP Reinsurance Co. Ltd.

Bermuda attendees included representatives from the BDA, the Bermuda Monetary Authority [BMA], HSBC, PricewaterhouseCoopers, and Abbott & Associates.

“We are very pleased to have the opportunity to work with Guangdong Wing Yue Investment Co on this exciting and innovative project, and to assist in opening up a new frontier for the Bermuda reinsurance market,” said Robert Eastham, Managing Director, Kane [Bermuda] Limited.

The Daohe Group is a China-based investment management group focusing on high-growth opportunities and entrepreneurial business sectors.

Share via email

Read More About

Category: All, Business, News

Comments (6)

Trackback URL | Comments RSS Feed

  1. not-the-umum-Chris-Famous-show says:

    Has this created jobs in Bermuda?

    • Thanks to Dr.Brown, now watch for the India connection.

    • eXpat says:

      its all about the Bermudian always … how can BDA benefit from everything … ready the article and it clearly states that the parties are being advised in Bermuda by Kane, PricewaterhouseCoopers and ASW Law Ltd.

      pretty clear that this helped to sustain position at those companies (which have quite a lot of Bermudians … though wouldnt be surprised if the expats are doing the work). Moreover, they have only just signed the deal, and still subject to regulator approval – hold your horses before asking for your hand outs.

  2. flikel says:

    And to think the PLP was criticized, chastised and ridiculed for travelling to China in an attempt to garner business.

    The OBA/UBP opposed this initiative as a waste of time and money. Now, we are seeing the benefits of this PLP effort…..and in a recent report, the OBA cites this as an example of how ‘they’ are turning things around.

  3. Frank says:

    Welcome to Bermuda!

  4. bluebird says:

    NO but we do have 11,300 workpermits issued that BERMUDIANS could avail themselves too.
    Tell me ONE other country that has one third of its workforce Jobs available to its population.
    Hay naw 11,300 jobs out there waiting for Bermudians.
    NOW WHICH ONE WOULD YOU BE INTERESTED IN OR ARE YOU LIVING OFF THE TAXPAYER ALSO.