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Member, Beacon International Group, Ltd.
The Guernsey Financial Services Commission said it has granted licenses to 46 international insurance entities during the first half of 2013.
There were 766 international insurers based on the island compared with 737 at the end of 2012, the commission said Monday.
The new companies licensed during the first half of this year were three limited insurance companies, two protected cell captives, 37 protected cells and four incorporated cells.
Of insurers now licensed in Guernsey, 241 are limited companies, 70 are PCCs, 428 are PCC cells, five are ICCs and 22 are ICC cells, the GFSC said.
Nick Wild, executive chairman of global (ex-Americas) for JLT Insurance Management in Guernsey, said the company this year helped set up the first ICC in Guernsey with an Asian parent.
“The ICC structure appeals to Asian clients because enterprises are often owned by one family but with individual members responsible for different parts of the business,” he said in a statement. “The ICC allows the group business risks to be under one umbrella, but the separate assets and liabilities to be managed through individual cells which can become their own profit centers.”