expertise in captive insurance has again been recognised internationally, with two practitioners from the island making the Captive Review "Power 50" for 2017, and one of the most important industry figures of the past three decades added to the Captive Review Hall of Fame.
Nick Heys, CEO at Artex International, has spent nearly 40 years in the industry, and heads Artex's business operations from Guernsey for its international network of offices. He rises four places in the 2017 list to number 27.
Also included in the list is Jeremy Quick, Director of Banking and Insurance Policy and Supervision Division at the Guernsey Financial Services Commission, placed at 42. A regulator for most of his career, he joined the Commission in 2007 and became Director of Insurance in 2011. He is Chairman of the Group of International Insurance Centre Supervisors.
Another regulator makes the Hall of Fame, launched last year by Captive Review. Steve Butterworth was the island's first dedicated insurance regulator, and the driving force behind the introduction of the protected cell company in the island in 1997.
Mr Heys said that Guernsey's long-held commitment to innovation and excellence would continue to serve the island's insurance industry well.
"These are challenging times for our industry but there is a commitment to innovation here and so the industry continues to go from strength to strength," he said.
"We have had to move on from our traditional markets but in doing so successfully, with developments like insurance-linked securities and reinsurance, we are still seeing the industry growing and Artex growing.
"Our traditional flow of captive business from London has moved to a point of maturity, but there is still captive business being generated throughout the world, particularly in the Far East, and our world-leading expertise and other advantages can still be relevant there.
"We are now innovating in other areas and that is now becoming key to our business rationale.
"I've always lived by the Darwin quote – it's not the strongest that survive, it's the most adaptable to change – and we have to recognise that in business.
"Guernsey will never be complacent and certainly never rest on its laurels. Clearly we have market advantage and we will continue to use that to stay ahead of the competition, whatever Brexit and changing industry trends might bring."
There are more than 800 international licensed insurers in the island and 19 insurance managers, employing nearly 800 people.
An industry survey commissioned by the States of Guernsey and carried out by PwC at the end of 2016 revealed that companies in the sector were generally very optimistic about the future of the wider insurance sector in the island.
For more information about Guernsey's finance industry please visit www.weareguernsey.com.
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