Two new studies have reaffirmed Guernsey's position as the
leading captive insurance centre in Europe and among the top four
in the world.
Research over the last couple of years has shown Guernsey as
home to more captive insurance companies than anywhere else in
Europe and the fourth largest player in the world.
A new survey from weekly trade publication Business
Insurance reasserts this position and while the latest
research from fellow monthly insurance title Captive
Review also has Guernsey first in Europe, it ranks the Island
as third in the world.
"This is extremely positive news. The key message we can
take from both of these surveys is that Guernsey remains
the leading captive insurance centre in Europe and right
up in the top tier with the very best globally," said Peter
Niven, Chief Executive of Guernsey Finance.
"We have built a reputation for expertise and innovation
but it also shows that there is strong competition so we cannot
rest on our laurels."
The Business Insurance rankings are based on the number
of licensed captives at the end of 2009.
Leading the way is Bermuda (885), followed by the Cayman Islands
(780), Vermont (560) and then Guernsey (355) as the first of the
European domiciles, with the British Virgin Islands (285)
completing the top five in the world.
The second of the European jurisdictions – and sixth
in the world – is Luxembourg (251), followed by the Isle
of Man (145), Dublin (114), Switzerland (42), Gibraltar (17), Malta
(9) and Jersey (3).
The Business Insurance research also shows that Aon
Insurance Managers in Guernsey was the third largest manager by
domicile, with 214 captives at the end of 2008. At the head of the
field were Marsh-Captive Solutions in Bermuda (473) and then Aon
Insurance Managers in Bermuda (252).
The Captive Review rankings are based on the full range
of international insurance entities, including Protected Cell
Companies (PCCs), Incorporated Cell Companies (ICCs) and their
related cells. In addition, it takes into account the captive
premium and assets under management within the captives. As a
result of the different methodology, Captive Review
maintains the same top five but places Guernsey in third and
Vermont in fourth.
Captive Review says: "Guernsey is the undisputed
king of the cell captive world. It may not have the most but it
introduced both the protected cell company (PCC) and incorporated
cell company (ICC) concepts to the world and set the template for
other jurisdictions to copy.
"It's therefore a toss-up for third place in the global
domicile listings between Guernsey and Vermont. Vermont undoubtedly
has the greater number of single-parent, group and other large
captive structures but....it is exceeded by Guernsey in sheer
captive numbers by the latter's volume of cells. Vermont writes
more captive premium but Guernsey's captives have a greater
Information taken from Business Insurance, 8 March 2010
and Captive Review, December 2009.
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