As Guernsey's total number of offshore insurance companies, mainly captives, begins to stretch beyond the 300 mark, Steve Butterworth says: 'One aspect of this growth that I find particularly encouraging is that we now have two UK government- owned captives.'

The Guernsey captives set up on behalf of UK government-owned organisations are those which have been established for London Transport and the NAAFI.

'I think it also demonstrates that, when it comes to insuring particular risks, including those difficult to place in the traditional insurance market, captives can be as useful to public sector organisations as they can to those in the private sector,' says Mr Butterworth.

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