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Member, Beacon International Group, Ltd.
There were 99 new international insurance entities licensed in Guernsey in the 12 months through March 31 of this year, bringing the total number of international insurance entities licensed on the island up to 790 from 752 entities a year previously, according to statistics published Wednesday by the Guernsey Financial Services Commission.
The 99 new entities were eight limited insurance companies, five protected cell companies, 73 PCC cells, three incorporated cell companies and 10 ICC cells.
At the end of March, there were 243 limited insurance companies, 70 PCCs, 439 PCC cells, eight ICCs and 30 ICC cells licensed in Guernsey.
According to Guernsey Finance, the promotional agency for the finance industry on Guernsey, about one-third of the newly licensed entities have owners based in the United Kingdom, while a further third have owners based in the Cayman Islands, and the remainder owned by companies from jurisdictions including Australia, Bermuda, Ireland, Singapore, South Africa and the United States.