Willis Management in Guernsey has become just the fourth company in the world and the first captive manager to be named a Chartered Insurer by the Chartered Insurance Institute (CII).

The CII awards the title only to those who meet the strict criteria and research shows that consumers recognise the value of Chartered accreditation as an indication of merit, capability and commitment to ethical practice.

Dominic Wheatley, Managing Director of Willis Management in Guernsey and an individual chartered insurer, said securing the new status was a landmark moment for the insurance management and consulting services specialist.

"We are very proud of it," said Mr Wheatley, who is also Chairman of the Guernsey International Insurance Association (GIIA).

"It's a new form of endorsement and to be the first in the Channel Islands is a real achievement for us and it is good news for Guernsey as a whole – it is another milestone in the development of the jurisdiction as one of the leading global centres for captive insurance."

Guernsey remains the largest captive insurance domicile in Europe and number four in the world, with nearly 700 international insurance entities and business with gross assets of more £23 billion.

Willis Management, a captive management operation of global insurance broker Willis Group Holdings, currently employs around 30 staff at its offices in St Peter Port. Globally, Willis has more than 400 offices in nearly 120 countries with a global team of approximately 17,000 employees serving clients from around the world.

Mr Wheatley said staff in Guernsey had always prided themselves on being thoroughly professional in everything they did and to receive external accreditation was very gratifying.

"Chartered status signals our commitment to the highest levels of service and advice to our customers. It is also a clear endorsement of Willis' worldwide market-leading ethical standards, service quality and professionalism," he said.

Part of attaining the status requires a firm to demonstrate that a high percentage of their staff are chartered title holders, whether that be in insurance or other disciplines such as accountancy. At Willis Management, just over 30% of staff hold a chartered title.

Peter Rowe, president of the Insurance Institute of Guernsey, praised Willis for its achievement.

"I'm well aware of the national move of the CII to re-emphasise the professionalism of the insurance industry and it's very pleasing to see a group such as Willis achieve that status in Guernsey," he said.

"I think it's important because research has shown that consumers recognise chartered status as an indication of merit, capability and commitment to best practice, which is why the CII is so keen to promote the chartered status as a mark of professionalism."

For more information about Guernsey's finance industry please visit www.guernseyfinance.com.

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