This comprised six limited companies, two Protected Cell
Companies (PCCs), 30 PCC cells, one Incorporated Cell Company
(ICC), two ICC cells and four life policy cells.
The figures mean that there were a total of 816 international
insurers licensed in Guernsey at the end of June 2015, made up of
244 limited companies, 67 PCCs, 393 PCC cells, 13 ICCs, 40 ICC
cells and 59 life policy cells. This compares to a total of 797
GFSC-licensed international insurers at the end of December 2014,
signifying a net growth of 19 so far this year.
Dominic Wheatley, Chief Executive of Guernsey Finance, said:
"These figures reinforce the fact that Guernsey is home to a
vibrant international insurance centre and is able to provide
solutions to meet a range of different risk management needs. The
half-year figures are particularly impressive when you consider how
they follow and maintain several years of strong performance in the
Further data on the new licences reveals that their owners'
originate from a range of locations such as the UK, Cayman Islands,
Finland and Switzerland, while the range of businesses written
includes Insurance Linked Securities (ILS) and insurance lines
covering property, After the Event (ATE) legal expense and
The past 12 months have been particularly positive for
Guernsey's insurance industry as it has enhanced its reputation
for risk management, particularly in relation to the emerging area
of pension longevity risk where pension schemes utilise Guernsey
captive and cell company structures such as ICCs to hedge longevity
risk for their defined benefit liabilities.
"Guernsey's experience and expertise in establishing
and effectively utilising the cell company concept for businesses
across the globe mean it is ideally positioned to service this
emerging area and we expect that to continue in the latter part of
this year. Those in charge of these pension schemes recognise the
fact that Guernsey has modern and well-regarded insurance
legislation and a reputation for innovation within the sector,
which is supported by a mature financial services
infrastructure," said Mr Wheatley.
To expand on the Island's emerging position in the area of
pension longevity, Guernsey Finance is hosting the free-to-attend
thought leadership event Longevity – is there life in captives?
on Wednesday 14 October in London. The event, which takes places at
the British Museum, will bring together experts from across the
insurance and pension space for dialogue and debate surrounding the
key industry issues.
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