Strong Growth For Guernsey's Insurance Sector
by Mike Godfrey, Lowtax.net, Washington
12 May, 2014
Guernsey's insurance sector has expanded by five percent after the territory's regulator, the Financial Services Commission (GFSC), licensed 99 new international insurers in the 12 months to March 2014.
One third of new licensees were from the UK, one third from the Cayman Islands, and the remainder from a number of territories including Luxembourg, Switzerland, Bermuda, USA, Singapore, South Africa, and Australia.
The latest figures show that there were a total of 790 international insurers licensed in the island at the end of March 2014. This compares with a total of 752 international insurers being licensed by the GFSC at the end of March 2013 – net growth of 38 entities over the period. The 790 international insurers licensed at the end of March 2014 comprised 243 limited companies, 70 Protected Cell Companies (PCCs), 439 PCC cells, 8 Incorporated Cell Companies (ICCs) and 30 ICC cells.
Fiona Le Poidevin, Chief Executive of Guernsey Finance, the promotional agency for the island's finance industry, said: "There appears to be no let-up in the number of international insurance licence applications being approved by the Guernsey regulator. We are seeing continuing growth in new entities related to Insurance Linked Securities (ILS) transactions but also a steady stream of more conventional captive insurance vehicles."
"The fact that we have strength and depth across both the insurance and investment sectors means that the island is ideally placed to service this business and the continued demand for ILS is something we are looking to capitalize on further during this year, not least through our upcoming event in Zurich."
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