Guernsey sees increase in captives, insurersReprints
The number of international insurance entities, including captive cells, licensed in Guernsey increased to 804 at the end of 2015 compared with 797 in 2014, according to statistics from the Guernsey Financial Services Commission.
The regulator said Monday that of the 804 insurers licensed in Guernsey at the end of 2015, 242 were limited insurance companies; 64 were protected cell companies; 444 were PCC cells; 13 were incorporated cell companies; and 41 were ICC cells. The regulator did not break out the number of single parent captives domiciled in Guernsey.
Over the course of 2015, 13 new limited insurance companies were licensed in Guernsey while 13 surrendered licenses, data from the regulator said showed.
Three PCC companies were licensed during 2015 while six surrendered licenses, and 43 PCC cells were granted licenses while 35 PCC cells surrendered licenses.
There were four new ICC companies licensed during 2015 while three surrendered licenses, according to the Guernsey report.
And three ICC cells were licensed while two surrendered licenses during 2015.
Of the 66 insurance entities that set up in Guernsey last year, 44% were owned by parents from the United Kingdom; 24% by parents in the Cayman Islands; 8% by parents from Ireland; 7% by parents from Guernsey; 7% by parents from the United States; 3% by parents from Switzerland; and the remaining 7% were set up by companies from across the rest of the world.
“The island's excellent reputation in the London market ensures that much of our business originates in the United Kingdom, but insurers from all corners of the world are establishing in Guernsey,” said Dominic Wheatley, CEO of Guernsey Finance, the promotional agency for the island's financial services sector, in a statement.
Guernsey is a crown dependency of the United Kingdom but is not a member of the European Union and does not fall under the scope of Solvency II, the risk-based capital regulatory regime for insurers and reinsurers in Europe that came into force in January.