Guernsey Finance: conditions right to create a captive
With the market materially hardening in many areas, particularly reinsurance, this is leading to significantly increased premiums and lack of sufficient coverage, providing the perfect environment for companies to consider forming a captive or a protected cell company (PCC), according to a leading expert in Guernsey Finance.
In his first blog, Guernsey Finance’s newly appointed UK insurance business development representative, William Lewis, discusses what Guernsey captives and PCCs have to offer and why Guernsey is the right place for those looking for bespoke insurance solutions.
According to Lewis the Guernsey insurance industry offers a high level of professionalism, quality service and innovation, alongside a strong regulatory framework provided by the Guernsey Financial Services Commission. This ensures that any captive or PCC is well managed and financially stable.
“During my short time in post, it is obvious that Guernsey's reputation as a jurisdiction of choice precedes it amongst those clients and advisers, such as lawyers, accountants and brokers, who are aware of what opportunities Guernsey can provide,” Lewis wrote. “I see part of my role as educating those advisers who are not aware of the benefits. In addition, seeking out those clients who do not know what Guernsey has to offer.”
Lewis’s blog is available on the We Are Guernsey website.