This year's first appearance by Guernsey as an exhibitor at the RIMS Atlanta Conference is clear acknowledgement of the Island's interest in expanding its insurance business links with the USA.
Many of Guernsey's 38 insurance company managers are offices of major international 'alphabet' brokers, an increasing proportion of whom now have US owners. Steve Butterworth, the Financial Services Commission's Director of Insurance, says: 'We trust that new developments in our insurance legislation, such as the introduction of Protected Cell Companies (PCCs), will encourage more US insurers to look at Guernsey as a viable alternative to Berinuda and the Caribbean territories especially as the Island is conveniently situated on Europe's doorstep and within very easy reach of the London Market'.
He adds: 'This makes us a particularly attractive location for captives of US multinational corporations particularly those with European operating subsidiaries'. Guernsey's 326 captives already include those of two major US agencies one of which is writing residential property insurance and the other general aviation insurance. Another major US insurance group recently established a joint venture in the Island with a leading Russian insurer and even more recently an independent Guernsey manager announced a partnership with a world leading, New York SE quoted US risk manager.
John Darwood, Senior Adviser at the FSC's Insurance Division, says: 'We are taking a much more proactive approach in the development of new insurance business relationships between the USA and Guernsey and, in addition to RIMS, I shall be representing Guernsey regularly at captive conferences in the States. In addition, I have recently been part of the faculty providing two training/educational programmes in Texas, one arranged by the National Association of Insurance Supervisors along with the National Association of Insurance Receivers, the other a joint venture by the Inland Revenue Service and the Criminal Investigation Department'.
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For further information contact Peter Crook on Tel: +44 (0) 1481 712706 or visit the Guernsey Financial Services Commission Web Site at:
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