Aviation insurance is one of Guernsey's major specialities with one firm alone Polygon Insurance Company Limited - attracting gross premium income of nearly £100m ($170m), net income £60m ($ 100m). This makes the company one of the top 10 aviation insurance underwriters in the world.
Premiums are paid in respect of a wide variety of risks for operators around the world ranging from major international carriers to small privately owned aircraft including helicopter operators.
The origins of Polygon date from 1970 and the introduction of wide-bodied aircraft with their much increased costs of servicing and maintenance. KLM, SAS, Swissair and UTA formed a technical partnership to pool resources to meet these costs. Shortly after, without UTA, the other three expanded their pooled interests to introduce a controversial and first-ever joint aviation hull and liability policy. The group formed Polygon as a captive in 1975 and, after studying other locations world-wide, selected Guernsey as its domicile. From its inception the company wrote third party business which now far exceeds the captive business.
In the years since formation, the company has become fully integrated with its own management and 67 staff and has diversified into captive management, corporate management and brokerage. Its 1996 capital and free reserves total £65m ($100m plus) after a record profit of £1 1.5m ($20m).
The content of this article is intended to provide a general guide to the subject matter. Specialist advise should be sought about your specific circumstances.
For further information contact Peter Crook on Tel: +44 (0) 1481 712706 or visit the Guernsey Financial Services Commission Web Site at:
Click Contact Link
