Guernsey Voted Europe's Best Domicile For Captives Again
by Phillip Morton, Investors Offshore.com
05 March, 2014
Guernsey was again crowned European captive insurance domicile of the year at the second UK Captive Services Awards 2014, held on February 24, 2014, as part of the Captive Live UK 2014 Conference.
Guernsey bested other shortlisted jurisdictions Dublin, Gibraltar, the Isle of Man, Luxembourg, and Malta. In addition, a number of Guernsey-based firms were named as winners in their respective categories, and Steve Butterworth, a former Director of Insurance at the Guernsey Financial Services Commission (GFSC), was recognized for his outstanding contribution to the industry.
Looking at the award as a testament to another successful year for the island's captive insurance industry, Fiona Le Poidevin, Chief Executive of Guernsey Finance, said that she was "delighted that Guernsey has received this award for the second year in a row. It is recognition of our international insurance expertise and is a superb way for our captive insurance sector to begin 2014."
Figures from the GFSC show that there were 758 international insurers licensed in the island at the end of December 2013, compared with 737 a year earlier. The net growth of 21 entities included 89 additions, comprising 10 limited companies, six Protected Cell Companies (PCCs), 63 PCC cells, two Incorporated Cell Companies (ICCs), and eight ICC cells.
Le Poidevin said that "Guernsey's strong heritage as a captive insurance domicile is clearly demonstrated through last year's very strong performance. It means that nearly 200 international insurance entities have been licensed in the island during the last 24 months."
"It is also extremely pleasing that so many Guernsey firms were recognized at the awards, as well as Steve Butterworth, a former GFSC regulator credited with pioneering Guernsey's innovative Protected Cell Company legislation in the 1990s," she continued. "As an island we have a particularly strong reputation for client service and innovation, in our insurance sector and the wider financial services industry, of which we are very proud."
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