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Guernsey licenses 72 international insurance entities in 2011

Posted On: Jan. 17, 2012 12:00 AM CST

ST. PETER PORT, Guernsey—Regulators in Guernsey licensed 72 international insurance entities during 2011, according to official statistics published Tuesday, up from 47 new entities approved in 2010.

Of the insurance entities approved in 2011, six were insurance companies, 12 were protected cell companies, 40 were protected cell company cells, one was an incorporated cell company, seven were incorporated cell company cells, and six were life policy cells, according to Guernsey Finance, the island's finance industry promotional agency.

At the end of 2011, there were 687 licensed insurance entities in the domicile, the statistics show.

That figure comprised 255 insurance companies, 68 protected cell companies, 267 protected cell company cells, five incorporated cell companies, 15 incorporated cell company cells and 77 life policy cells.

According to Guernsey Finance, 63% of licenses issued during 2011 were to companies with U.K. parents, with other new licenses issued to companies from Asia, the Caribbean, Europe and North America.

“As a result of the decision not to seek equivalence with the proposed European regulatory regime, Solvency II, our internationally compliant insurance regulations continue to provide local industry and also our current and potential clients with certainty and clarity regarding the regulation of insurance business in Guernsey,” said Martin Le Pelley, chairman of the Guernsey International Insurance Assn., in a statement. “This has, no doubt, contributed to the growth of the market during 2011,” he added.

Guernsey, a crown dependency of the United Kingdom, is not a member of the European Union.