Aon Insurance Managers (Guernsey) has seen significant growth in cell activity within its White Rock Guernsey cell companies.
The growth experienced by Aon also coincides with recently released statistics which show that 15 new international insurers have been created in Guernsey during the first quarter of 2013, including Protected Cell Companies (PCCs) and protected and incorporated cells. Within this growth are insurance company owners that have chosen to relocate their companies to Guernsey from Bermuda. Guernsey now has 752 licensed insurance entities.
Paul Sykes, Managing Director of Aon Insurance Managers (Guernsey), commented: "We have seen significant growth in cell activity within our White Rock Guernsey protected cell and incorporated cell companies. Much of that growth comes from increasing demand for structuring collateralised reinsurance and insurance linked security solutions to our clients. However growth has also derived from demand for conventional captive solutions from energy sector clients and insurance company owners relocating their companies to Guernsey from Bermuda."
Aon Risk Solutions, the global risk management business of Aon plc (NYSE: AON), recently hosted a captive and insurance seminar in London. The Aon Guernsey Master Class 2013 was held at the Chartered Accountants Hall on Tuesday 30 April.
Delegates received presentations from a variety of speakers from Aon, its clients and service partners including Rolls Royce plc and Barclays. The sessions covered the latest applications for captive insurance and reinsurance solutions, the use of cell structures plus expert accounting and investment briefings. The audience also heard from Guernsey's Commerce and Employment Minister Kevin Stewart, who outlined why Guernsey has a competitive edge which has led to it maintaining its position as Europe's largest captive insurance domicile.
Mr Sykes added: "We have been greatly encouraged by the growing interest in our annual Master Class. The number of delegates attending has grown to well over 100 this year representing 58 different companies. The feedback we received reveals risk managers are keen to embed their captive insurance companies more deeply into their risk management practices. Attendees were actively seeking fresh and innovative ways of using their captive insurance companies and protected/incorporated cells."
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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