29 February 2024news

Guernsey retains European captive crown

Guernsey retained its title as Europe's largest captive domicile for the second year in a row in 2023, Guernsey Finance has announced. 

The Channel island had 199 captives domiciled at the end of 2023. 

Four new captives were formed last year along with nine new captive cells, according to statistics from the Guernsey Financial Services Commission (GFSC). 

Guernsey Finance pointed out that the island has a long history of domiciling captives and the island’s insurance industry has continuously evolved to offer specialist captive expertise to a global client base. 

Guernsey is also the domicile of choice for 40% of FTSE 100 companies, saving UK business almost £100 million and providing specific coverage to UK businesses according to recent research by Frontier Economics. 

Adele Gale, chair of the Guernsey International Insurance Association, said this reaffirms Guernsey’s position as a premier hub for captive insurance: “Guernsey’s wealth of professional expertise and proportionate regulatory environment continue to make us a domicile of choice for those looking to take control of their risk universe.  

“We are very much looking forward to hosting the first on-island captives conference in 25 years, taking place in Guernsey in June this year in collaboration with AIRMIC.”

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