This includes 8 limited companies, 5 Protected Cell Companies
(PCCs), 73 PCC cells, 3 Incorporated Cell Companies (ICCs) and 10
Further data on these newly licensed entities shows that their
owners' geographical origin is approximately split into thirds:
one third from the UK; one third from the Cayman Islands; and one
third from other jurisdictions, including Ireland, Luxembourg,
Switzerland, Bermuda, USA, Singapore, South Africa and
Fiona Le Poidevin, Chief Executive of Guernsey Finance - the
promotional agency for the Island's finance industry, said:
"There appears to be no let-up in the number of international
insurance licence applications being approved by the Guernsey
regulator. We are seeing continuing growth in new entities related
to Insurance Linked Securities (ILS) transactions but also a steady
stream of more conventional captive insurance vehicles.
"A strong proportion of our business continues to originate
from the UK but there is also a growing amount coming from
competitor domiciles in Europe such as Ireland, Luxembourg and
Switzerland, jurisdictions on the other side of the Atlantic,
whether the USA, Cayman or Bermuda, and also the markets of
Singapore, South Africa and Australia.
"This demonstrates the truly international nature of our
client base and shows that Guernsey continues to be the
jurisdiction of choice for insurance services by firms from around
The latest figures show that there were a total of 790
international insurers licensed in the Island at the end of March
2014, comprising 243 limited companies, 70 PCCs, 439 PCC cells, 8
ICCs and 30 ICC cells.
This compares to a total of 752 international insurers being
licensed by the GFSC at the end of March 2013, which means there
has been net growth of 38 entities during the 12 months. It also
means that there has been net growth of 32 entities in the first
three months of this year as there were 758 international insurance
entities licensed in Guernsey at the end of December 2013.
The figures come in the wake of Guernsey retaining its crown as
European Captive Domicile of the Year at the UK Captive
Services Awards 2014 and the Island keeping its position as the
largest captive insurance domicile in Europe and number four
globally, according to rankings published in March 2014 by trade
magazine Business Insurance.
Miss Le Poidevin added: "Guernsey's insurance sector
remains buoyant and we have seen a particularly significant
increase in ILS transactions being structured through the Island
during the last 12 to 18 months. The fact that we have strength and
depth across both the insurance and investment sectors means that
the Island is ideally placed to service this business and the
continued demand for ILS is something we are looking to capitalise
on further during this year, not least through our upcoming event
in Zurich. However, it is also pleasing that Guernsey continues to
prove attractive for the more conventional captive insurance
business which has been a staple of the industry for many
Guernsey is hosting the free to attend thought leadership event
'ILS Insight' at the Grand Hyatt in Zurich on Wednesday
2 July. For further information or to make a booking please email
Jennifer Baudains: email@example.com.
Since the PRIIPs Regulation was published on 9 December 2014, the concept of a multi-option product has been one of the most discussed topics among the manufacturers of insurance-based investment products.
Directors & Officers Insurance (D&O) is a relatively new
branch of insurance in the United Arab Emirates (UAE) market.
Accordingly, issues such as allocation of costs have not yet been
considered by UAE or Dubai International Financial Centre (DIFC)
The MFSA issued a consultation document proposing the introduction of external auditing requirements for certain quantitative reporting templates that will form part of the Solvency Financial Condition Report.
From August 12 2016 when the UK's Insurance Act 2015 takes effect there will be differences affecting business (ie non-consumer) policies issued in Isle of Man and those issued in UK, including renewals.
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