Guernsey licences 107 new insurance businesses
Guernsey Financial Services Commission (GFSC) has licensed 107 new international insurers in the last 12 months, consolidating its position as the largest captive insurance domicile in Europe.
Figures from the Island’s financial services regulator show that there were 746 international insurers licensed in the Island at the end of September 2012 compared to 682 at the end of September 2011. There were 43 surrenders, leaving net growth of 64 entities over the year.
The Guernsey international insurance industry continues to grow, according to the GFSC. Gross assets grew by 1.6% to reach £21.76bn (€26.77bn), net worth grew by 6% to reach £8.97bn (€11.0bn) and premium written annually was up 12.7% to reach £4.62bn (€5.68bn).
Fiona Le Poidevin (pictured), chief executive of Guernsey Finance, the promotional agency for the island’s finance industry, said: “The figures show that the number of new licences being issued picked up as we moved through last year, and that trend has continued during the first three quarters of 2012.
She said the growth in number of licences shows that “Guernsey very much remains a domicile of choice for international insurance entities. Clients choose to do business here because we offer a mix of high standards of service combined with proportional regulation which is very difficult to find in any jurisdiction globally.”
Le Poidevin added: “We are seeing new licences issued across the different types of structures available, but there has been especially strong growth in the number of protected cell companies (PCC) being formed.
“The PCC is a particularly popular vehicle at the moment. The fact that it was pioneered in Guernsey means that we have the experience and expertise in using the structure to best meet client needs, which is reflected in the continued growth of this business stream.”