Guernsey celebrates a centenary of captives

Guernsey is celebrating 100 years of captive insurance on the island. The island’s first captive vehicle, the Commercial Insurance Company Limited, was registered on Guernsey in June 1922. The island has since grown to be Europe’s top captive insurance domicile, with more than 300 structures based on the island.

Mark Elliott, Chair of the Guernsey International Insurance Association (GIIA), said the centenary was an important milestone.

“Generally, the accepted narrative is that there has been an established finance industry in Guernsey since the 1960s, so we are delighted to have been able to trace our history back further than that and demonstrate that specialist insurance services have been conducted here for 100 years,” he said.

“Guernsey’s captive industry has historically proven itself capable of providing solutions to new and changing risks, and will continue to rise to these challenges.”

Guernsey Finance Chief Executive Rupert Pleasant added: “We have enjoyed working with GIIA and Guernsey’s wider insurance community on this publication to celebrate an important milestone.”