Following another successful year as an international insurance centre, Guernsey entered 1996 with a record total of 300 captive insurance companies and 12 offshore life companies.
Steve Butterworth says: 'With a total of 37 new registrations during 1995, 36 of them captives, we had our fourth successive record year as Europe's fastest growing captive location. During the year only five companies surrendered their certificates leaving us a net gain of 32 registrations.'
He adds: 'I am especially pleased that although the UK remains the principal source of new captive business, we are now experiencing a wider geographical spread of captive parentage.'
The Financial Services Commission has also noted that, in addition to new insurance businesses being formed, many existing captives have been expanding their insurance programmes.
Notable additions up to the year end include the London Transport captive as well as captives for both Alliance & Leicester and Chelsea Building Societies, both writing mortgage indemnity insurance. The arrival of the Medical Defence Union's new Guernsey-based insurer has further consolidated the Island's attraction as a location for professional indemnity insurance arrangements.
1995 also saw the setting up of a branch operation for The South African Mutual Life Insurance Society, trading as Old Mutual Guernsey, to transact life business. Other Guernsey offshore life companies are Generali Worldwide, Nordben, Hauteville, Old Mutual International and Sun Alliance International with parentage from Italy, the Nordic countries, France, South Africa and the UK respectively.
For further information contact Peter Crook on Tel: +44 (0) 1481 712 706 or Fax: +44 (0) 1481 712 010.
The contents of this article are intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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