Guernsey ended 2015 with more than 800 international insurers.
It is the first time that the end-of-year figures from the Guernsey
Financial Services Commission (GFSC) have recorded the Island being
above the 800 threshold.
The latest figures show that there were a total of 804
international insurers licensed in Guernsey at the end of 2015,
comprising 242 limited companies, 64 Protected Cell Companies
(PCCs), 444 PCC cells, 13 Incorporated Cell Companies (ICCs) and 41
This compares to a total of 797 international insurers being
licensed by the GFSC at the end of December 2014, signifying a net
growth of seven entities during the 12 months.
Over the course of 2015 the GFSC licensed 66 new international
insurers. This included 13 limited companies, three PCCs, 43 PCC
cells, four ICCs and three ICC cells.
Further data on the 66 licensed entities shows that their owners
originate from a range of locations including the UK (44%), the
Cayman Islands (24%) and Ireland (8%).
Guernsey Finance Chief Executive Dominic Wheatley said:
"Confirmation that Guernsey ended last year with more than 800
international insurers is a terrific endorsement of our standing
and expertise across the insurance sector. The Island's
excellent reputation in the London market ensures that much of our
business originates in the United Kingdom but insurers from all
corners of the world are establishing in Guernsey."
The range of business written over the 12 months to 31 December
2015 includes Insurance Linked Securities (ILS) (38%), insurance
lines covering property (14%), After the Event (ATE) legal expense
(10%) and general liability insurance (7%).
"The diversity of insurers choosing to establish here is
testament to the professional environment in Guernsey. The Island
offers the latest and most sophisticated legislation, pragmatic
regulation outside the Solvency II regime and a wealth of insurance
management expertise; all of which are conducive to establishing an
insurance business," said Mr Wheatley.
In October 2015, Humbolt Re became Guernsey's latest rated
reinsurance vehicle. With an initial capital outlay of CHF 500
million, Humboldt Re intends to build a portfolio of approximately
CHF 140 million gross written premiums, with globally diversified
reinsurance exposures focused on property catastrophe.
A month later the international credit rating agency,
Standard& Poor's, confirmed that Guernsey's credit
rating remains at its highest possible level, with an AA+ (Stable
Hiscox Syndicate 33 recently became the first Lloyd’s syndicate to enter into a sidecar transaction. This highlights the growing prominence of the sidecar as a capital-raising vehicle for property catastrophe risks.
Growth in the captive insurance market will be driven by intermediaries and brokers establishing vehicles to aggregate the risks of their individual customers, it has been claimed by a panellist at the Guernsey Insurance Forum.
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