Guernsey insurance regulator licensed 85 new insurers in 2014

The Guernsey Financial Services Commission, the island’s insurance regulator, on Wednesday said it licensed 85 new international insurers during 2014.

Last year, the GFSC licensed three protected cell captive companies, 54 PCC cells, five incorporated cell captive companies and 15 ICC cells as well as eight limited insurance companies, the regulator said in a statement.

At the end of 2014, there were 797 international insurance entities licensed in Guernsey, up from 758 at the end of 2013.

Of those, 242 were limited companies, 67 were PCCs, 436 were PCC cells, 12 were ICCs and 40 were ICC cells, the GFSC said.

Of the entities that set up in Guernsey in 2014, 35% had a U.K. parent, 29% came from the Cayman Islands, 13% from Ireland, 6% from Europe, 6% from Guernsey, 3% from Bermuda, 3% from the Middle East, 2% from the United States and 3% from elsewhere.