Gibraltar’s Minister for Commerce Opens Insurance Seminar at British Ambassador’s Residence in Beijing
Gibraltar and Beijing, China – June 24, 2019 – Albert Isola MP, Gibraltar’s Minister for Commerce opened a captive insurance seminar organised with Willis Towers Watson, a global advisory, broking and solutions company last week in Beijing. The event took place at the British Ambassador’s Residence in Beijing on Monday 17th June 2019.
Minister Isola said, “There is a real opportunity for the use of Gibraltar as a domicile for captive insurance for Chinese firms. Currently there are very few Chinese domiciled captive insurance companies compared to the extensive use of captives by European and North American businesses. For example, over 80% of Fortune 500 companies own a captive insurer. As Chinese businesses continue to expand internationally there is growing interest in the use of overseas captives that can support and provide risk management to the overseas operations of these international Chinese businesses.”
Minister Isola was accompanied by Gibraltar Finance senior executives Michael Ashton and Paul Astengo. Bruno Callaghan, Managing Director of Gibraltar based Callaghan Insurance and consultant to Willis Towers Watson also attended the seminar.
“We are very grateful for the time and commitment given by Willis Towers Watson in organising and introducing us to their clients and business partners. We look forward to further ongoing engagement which will open new business opportunities for Gibraltar,” concluded Minister Isola.