The number of new captives establishing in Guernsey more than doubled in 2019, according to Guernsey Finance.
Guernsey registered 11 new structures during the year, its best result since 2016, when it also registered 11 captives. In 2018 five new captives were established in Guernsey.
Of the 11 captives that launched in 2019, four were cell company captives - taking the total number in the island to 106 - and seven were non-cellular captives. There were 24 surrenders during the year. This means there are now a total of 305 captives registered in Guernsey.
Mike Johns, chairman of the Guernsey International Insurance Association, and director at Willis Towers Watson, said the figures confirm the growing popularity of captive insurance vehicles. There has been increased interest in captives in recent months due to changing market conditions, he added.
Guernsey, which is home to a third of Europe’s captives, has benefited from that trend, partly because it was whitelisted for economic substance from the European Union, unlike some rival jurisdictions, Johns said.
Dominic Wheatley, chief executive of Guernsey Finance, said no other jurisdiction can match “Guernsey’s unique combination of expertise, experience, market proximity and regulatory environment as a home for a captive.”
Guernsey Finance, Guernsey International Insurance Association, Mike Johns, Dominic Wheatle