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Guernsey Welcomes Insurance Sector Growth In 2015

by Jason Gorringe, Lowtax.net, London
23 February, 2016

The number of international insurance entities operating in Guernsey breached 800 for the first time in 2015, according to figures from the Guernsey Financial Services Commission.

The latest figures show that the 804 international insurers licensed in Guernsey comprised 242 limited companies, 64 Protected Cell Companies (PCCs), 444 PCC cells, 13 Incorporated Cell Companies (ICCs), and 41 ICC cells. 797 international insurers were licensed by the GFSC at the end of December 2014.

During 2015, the GFSC licensed 66 new international insurers. These included 13 limited companies, three PCCs, 43 PCC cells, four ICCs, and three ICC cells.

These new licensees originated mainly from the UK (44 percent), the Cayman Islands (24 percent), and Ireland (8 percent).

The Chief Executive of Guernsey Finance, Dominic Wheatley, said: "Confirmation that Guernsey ended last year with more than 800 international insurers is a terrific endorsement of our standing and expertise across the insurance sector. The island's excellent reputation in the London market ensures that much of our business originates in the United Kingdom but insurers from all corners of the world are establishing in Guernsey."

The range of business written over the 12 months to December 31, 2015, included insurance-linked securities (38 percent), insurance lines covering property (14 percent), after the event legal expense (10 percent), and general liability insurance (7 percent).

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