Reminder: 18-20 September at Beau Sejour, St Peter Port, Risk â96 Guernsey Forum.

The forum will be chaired by Ina Barker, Executive Director of AIRMIC Ñ the Association of Insurance Risk Managers.

The event will offer much to those interested in the world of insurance risk management including conference, exhibition, workshops, speakers and consultants.

For further details see separate report enclosed.

Guernsey's global appeal as a location for captives is growing fast. Already this year we have received new captives from South Africa, Australia, the Middle East, Belgium and other European countries.

The latest South African captive is Mid Pacific Reinsurance Company Limited owned by the country's Premier Group, which has a wide diverse business interests including food, dairy products and fruit juice manufacture, pharmaceuticals, wholesaling, retailing, entertainment and leisure. The Australian captive is PI Insurance Company Limited owned by Pioneer International Limited, one of the world's largest suppliers of building materials and with a 50% interest in Australia's largest petroleum products refiner-marketer.

The captives from the Middle East and Belgium follow others from the same territories.

"We also have captives from New Zealand, North and South America, Scandinavia, the far East and the Caribbean, plus three from eastern European countries, each of the latter belonging to blue chip businesses", he adds.

However, most of the Island's 304 captives are UK-owned and growth from this source remains strong. The EIS Group PLC, a specialist engineering group with over 70 manufacturing companies in 20 countries, own one of the latest captives. Panrexa Insurance Limited, writing a comprehensive portfolio of risks.

Close on the heels of the NAAFI and London Transport, British Energy becomes the third British government undertaking to form a Guernsey captive. Capitalised at £8m it will write material damage and business interruption cover.

The Halifax is likely to be the first of the building societies to take advantage of new legislation allowing societies to form insurance subsidiaries for current covers other than mortgage indemnity.

NEW E-MAIL AND INTERNET ADDRESS

Please note: The Financial Services Commission has a new E-mail address which is info@gfsc.guernsey.net and its information site on the Internet can now be located on http://gfsc.guernsey.net

However, http://www.itl.net/go/to/GuernseyFSC will remain active for the foreseeable future.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

For further information contact Peter Crook on Tel: +44 (0) 1481 712 706 or fax: +44 (0) 1481 712 010.
Visit the Guernsey Financial Services Commission Web Site at Click Contact Link