A record 40 new captive insurance companies were registered in Guernsey during 1996 enabling the Island to retain its reputation for the sixth successive year as Europe's fastest growing captive location.
With 12 licence surrenders, caused by parent mergers and acquisitions not financial failures, the year's captive inflow produced a net gain of 28 bringing to 324 the total number of Guernsey captives at the year end. In addition there were 11 offshore life companies.
Twenty five of the new captives were formed on behalf of UK parents but the remainder came from Europe, the Americas, Australia, South Africa and the Far East. South African sources produced four of the new captives including Home Loan Finance Guarantors (Insurance ) Limited; its purpose is to provide guarantees to lenders in the home loan market thereby supporting a government target of a million new homes by 2006.
Other notable new captives during the year were those of the UK Post Office (writing insurance for low risk liabilities), British Energy plc, National Express Group plc, the Medical and Dental Defence Union of Scotland, the Britannia and Halifax building societies and Asea Brown Boveri (ABB) a global $34 billion engineering group which registered two captives.
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:
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