Guernsey's capabilities as a
(re)insurance domicile have been highlighted during two recent
conferences in London.
The Guernsey Insurance Forum 2008
was held on Wednesday 12 November and this was preceded by a
seminar on Tuesday 11 November entitled 'Destination
Reinsurance: Guernsey – an alternative to
Peter Niven, Chief Executive of
Guernsey Finance, said: "This has been a very good week for
Guernsey's international insurance industry. We have seen from
both these events that Guernsey's insurance sector is still
buoyant and in good shape. The continued strength of the
Island's capabilities has been reaffirmed by captive managers
and we are stepping up our expansion as a reinsurance domicile,
particularly in light of the new regulations which were approved
At the reinsurance seminar it was
announced that the Guernsey Financial Services Commission (GFSC)
has been working closely with Lloyd's to identify an
appropriate structure that will facilitate the growth of
Lloyd's business in Guernsey. To this end, new regulations were
approved by the States of Guernsey on 3 November and signed by the
Commission's Chairman on 7 November.
The new framework will allow
Lloyd's syndicates to establish a physical presence in Guernsey
which will operate under Guernsey's Insurance Manager
regulatory framework. The GFSC will be happy to meet with any
Lloyd's member who wants to know more about the regulatory
environment that will apply in Guernsey.
The reinsurance seminar was held at
the Andaz Hotel (formerly the Great Eastern Hotel), near the
Lloyd's buildings. It was chaired by Mr Niven and included
contributions by Guernsey industry practitioners, as well as a
presentation from Bronek Masojada, Chief Executive, Hiscox.
It was followed yesterday by this
year's Guernsey Insurance Forum. The keynote speech
'Opportunities and Risks in the Global Economy' was
delivered by Hamish McRae, economic commentator at The
Independent. It also featured the plenary sessions
'Counterparty Crunch' and 'Market Crunch' and a
final panel session 'The Captive Clinic'. Breakout sessions
included 'Solvency II', 'Captives – the
Supervisory Landscape' and 'Guernsey – the
Innovative Risk Solution'. Delegates were also able to walk
through an exhibition by the Island's service providers,
ranging from world-renowned to boutique captive managers,
multi-jurisdictional law firms and major accountancy firms.
Peter Berring, Group Risk Director
at the UK-based De La Rue PLC which has a Guernsey captive, said:
"The forum is a good networking opportunity and I think it
shows Guernsey's facilities in a very good light. We are very
happy with our captive and its functioning in Guernsey. The
benefits of Guernsey are the proximity to our head office in the
UK; more importantly the strength of resources in the Island, as
far as supporting all the aspects of captive management, and the
open-minded flexibility that Guernsey represents is very important,
coupled with the fact that the Guernsey is very strong in areas
such as capital management. It has got a strong control
factor, good discipline and a well-managed skill-set to run a
Richard Le Tocq, Chairman of the
Guernsey Insurance Company Management Association (GICMA), added:
"The quality of the sessions has been very good and the
feedback I have had from clients has been superb. There's the
CPD training element, the updating on the latest developments from
Guernsey and the groundbreaking, new thinking. The last-minute
changes to the programme, in terms of making it more topical to the
economy was a great move. Generally, it's been a big
Guernsey is host to more than 700
international insurance entities, comprising 369 international
insurers (captives, PCCs and ICCs) and 353 cells (of PCCs and
ICCs). The Island is the leading jurisdiction in Europe for captive
insurance and number four in the world in terms of premium written
(£3bn in 2007).
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