Guernsey's captive insurance sector has been crowned European Domicile of the Year at the 2022 Captive Review European Awards.

The award tops off an excellent year for Guernsey's captive sector, which this year marked 100 years since the first captive company was established.

The European Captive Review Awards recognise the top providers and professionals of captive insurance products and services in the captive insurance market.

Organisers say the awards celebrate innovators, creative minds and customer service professionals who have outperformed their competitors and demonstrated the highest levels of excellence over the past 12 months.

Collecting the award at a gala evening in Luxembourg, Malcolm Cutts-Watson of Cutts-Watson Consulting, said:

"Coming on the back of celebrating the centennial of the first captive in Guernsey, this award reinforces the island's success as the preferred captive domicile.

"Accepting the award on behalf of the whole Guernsey captive community in front of my peers was an honour and recognition that the island's captive offering remains relevant and popular."

Guernsey International Insurance Association Chair Mark Elliott added: "Captives are the bedrock of the insurance sector on the Island and this award is a fantastic endorsement and reflects the hard work and innovation from everybody involved in the local sector."