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guernsey notches up 800 insurers

Guernsey licensed 85 new international insurers during 2014, including eight limited companies.

guernsey notches up 800 insurers

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The latest figures from the Guernsey Financial Services Commission revealed that there were a total of 797 international insurers licensed in Guernsey at the end of last year, comprising 242 limited companies, 67 protected cell companies (PCCs), 436 PCC cells, 12 incorporated cell companies (ICCs) and 40 ICC cells.

This is an increase of 39 entities from the 758 international insurers licensed by the GFSC at the end of December 2013.

The range of business written over the last year includes insurance linked securities (45%) and insurance lines covering property (13%), life/health (8%), and ‘after the event’ legal expense (7%).

Dominic Wheatley, chief executive of Guernsey Finance, said: “These figures show that last year was very successful for Guernsey as an international insurance centre. We continue to see growth in new entities related to insurance linked securities transactions but also a steady stream of more conventional captive insurance vehicles.

“Much of our business continues to originate from the UK but the figures show the truly international nature of our client base, with a growing number coming from domiciles in Europe and much further afield.”

The owners of the 85 new insurers originate from the UK (35%), Cayman Islands (29%), Ireland (13%), Europe (6%), Guernsey (6%), Bermuda (3%), Middle East (3%), USA (2%) and Other (3%).
 

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