Guernsey Continues To Make Captive Developments in China

As the captive domicile, Guernsey continues to make headway with the Chinese market. Wendy Weng, Guernsey Finance's Shanghai representative, said that the Chinese government has been supportive of Guernsey's promotion of captive insurance in the country, which has also had an educational element.

Ms. Weng reported that more Guernsey firms are moving into China or Asia, and there are increased captive insurance practitioner visits to the region as well.

Ms. Weng visits first- and second-tier cities every month, meeting local government, intermediaries, institutions, and professionals to promote Guernsey and its services. Guernsey hosts at least one event a year in mainland China.

Guernsey Finance said it has been in China since 2007 and employed its first Hong Kong representative in 2016.

Progress in China has included the signing of memoranda of understanding with Chinese authorities—an essential for making progress in business in the country—and several business wins for Guernsey firms in the country, according to Guernsey Finance.