A Bermuda-based Chinese insurance company has unveiled plans to launch an innovative new healthcare insurance product designed for the Chinese market.
TOP Reinsurance, a recently licensed Class C insurer, will assist in the product's structuring.
It will then be reinsured by a new Bermuda-based entity which will be established and owned by Guangdong Wing Yue Investment, a member of investment management group Daohe Group. The product is awaiting approval from China’s regulatory authority.
Ross Webber, chief executive officer (CEO) of the Bermuda Business Development Agency (BDA), said: “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.
“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 and Guangdong Wing Yue Investment, and look forward to doing more business with Asia.”
The companies were advised in Bermuda by insurance managers Kane, professional services firm PwC and ASW Law.
Robert Eastham, managing director, Kane (Bermuda), added: “We are very pleased to have the opportunity to work with Guangdong Wing Yue Investment on this exciting and innovative project, and to assist in opening up a new frontier for the Bermuda reinsurance market.”
TOP Reinsurance, Bermuda, Asia-Pacific, Ross Webber, BDA, Guangdong Wing Yue Investment, Daohe Group