A Bermuda-based Chinese insurance company is to launch a new healthcare insurance product.

TOP Reinsurance Ltd will help structure the deal for the Chinese market and a new reinsurance vehicle will be established on the Island by Guangdong Wing Yue Investment Co, part of China’s Daohe Group, which specialises in investment management.

Bermuda Business Development Agency (BDA) chief executive officer Ross Webber said: “This is a welcome development for the Bermuda market and once again emphasises the fact 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.”

And he added that it was hoped that the Island would do more business with China.

The Chinese businesses were advised in Bermuda by insurance managers Kane, professional services firm PwC and ASW Law.

The deal was signed in Hamilton earlier this month.