Guernsey reports net growth of insurance licences

The number of international insurance entities licensed in Guernsey has grown by 52 during the first five months of this year, according to Guernsey Financial Services Commission (GFSC).

Its figures show that there were 739 international insurance entities licensed in the Island at the end of May 2012, compared to 687 at the end of December 2011. There have been 63 new licences issued and 11 surrenders, which represents net growth of 52 entities domiciled in the Island.

As at 31 May 2012, there were 344 international insurers, comprising 254 companies, 68 Protected Cell Companies (PCCs), 5 Incorporated Cell Companies (ICCs) and 17 ICC cells, as well as 395 PCC cells.

Fiona Le Poidevin, chief executive of Guernsey Finance – the promotional agency for the Island’s finance industry, said: “Figures from the GFSC showed that the number of new licences being issued really accelerated as we moved through last year and I am delighted to see that this trend has continued during the early months of 2012.”

“We are seeing new licences issued across the different types of structures available but there has been especially strong growth in the number of cell companies being formed. A significant proportion of these relate to a PCC managed by JLT on behalf of the NewBuy scheme and where there are even more licence applications in the pipeline but we are also hearing from the industry that there are a number of other opportunities coming through as well.”

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