Gibraltar Finance participated at the Inaugural Meeting of the Captive Specialised Committee of the Insurance Society of China last month. Michael Ashton, Senior Executive at Gibraltar Finance, was one of the speakers at the seminar which attracted an audience of over 250 people.
The new Committee has been established to carry out specialized research, build an internal communication platform and achieve Chinese captive business development.
“We were honoured to have been invited by the Permanent Directors Council of the Insurance Society of China and to speak at this inaugural meeting,” said Albert Isola, Minister for Commerce. “As Chinese businesses continue to expand overseas and make acquisitions in Europe and across the world, we believe there are opportunities for these businesses to establish captive insurance companies close to their acquired assets. We hope that Gibraltar will become the home for a number of these new captives. We will continue to work to facilitate this process.”
There are close to 7,000 captive insurance companies worldwide but in China, the captive insurance industry is still at an early stage in its development with just a handful of licensed captives but with significant interest in the potential for captives to be established.
Mr Isola travelled to Shanghai on Monday 16th January for a series of meetings and presentations in both Shanghai and Nanjing.