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Guernsey Named Non-EU Captive Domicile Of The Year

by Jason Gorringe, Lowtax.net, London
18 October, 2017

Guernsey has been named best non-EU domicile at the recent European and UK Captive Awards held at Plaisterers' Hall, London.

The awards, hosted by insurance publication Captive Review, recognize excellence in the delivery and management of captive insurance and celebrate those who have excelled in the last year.

Guernsey was named non-EU captive domicile of the year ahead of five other shortlisted jurisdictions: Bermuda, British Virgin Islands, Delaware, Isle of Man, and the State of Vermont. Malta took out the award for EU captive domicile of the year.

The judging panel, comprising insurance and captive management industry professionals, said they were impressed by Guernsey's commitment to innovation in alternative risk financing, highlighting the recent formation of Dom Re IC, a Guernsey incorporated cell company issuing digitized notes on a private blockchain.

Dominic Wheatley of Guernsey Finance, the island's financial services promotion agency, said the Guernsey captive industry is well deserving of the award.

"I am delighted that Guernsey has received this award. It is recognition of the significant developments which we have seen within Guernsey's captive insurance sector during the past 12 months ... Innovation remains at the heart of our global insurance offering and is something we will look to build on further as we head into 2018, particularly in the areas of longevity risk, international employee benefits, and emerging risks such as cyber," said Wheatley.

Awards were also won by a number of firms with Guernsey offices, including Aon, Ernst and Young, White Rock Group, and Willis Towers Watson.

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