21 August 2015Law & regulation

Guernsey licenses 45 international insurance in H1 of 2015

The Guernsey Financial Services Commission (GFSC) licensed 45 new international insurers during the first half of the year.

This included six limited companies, two protected cell companies (PCCs), 30 PCC cells, one incorporated cell company (ICC), two ICC cells and four life policy cells.

The new additions mean that up until the end of June 2015, there were 816 international insurers licensed in Guernsey. This comprised 244 limited companies, 67 PCCs, 393 PCC cells, 13 ICCs, 40 ICC cells and 59 life policy cells.

Compared to a total of 797 GFSC-licensed international insurers at the end of December 2014, this signifies a net growth of 19 so far this year.

Dominic Wheatley, chief executive of Guernsey Finance, said: “These figures reinforce the fact that Guernsey is home to a vibrant international insurance centre and is able to provide solutions to meet a range of different risk management needs.

“The half-year figures are particularly impressive when you consider how they follow and maintain several years of strong performance in the sector.”

Further data on the new licences reveals that their owners’ originate from a range of locations, including the UK, Cayman Islands, Finland and Switzerland and the range of businesses written includes insurance linked securities and insurance lines covering property, longevity risk and after the event.

Guernsey’s insurance industry has had a buoyant 12 months; it has enhanced its reputation for risk management, especially in relation to the emerging area of pension longevity risk.

Wheatley said: “Guernsey’s experience and expertise in establishing and effectively utilising the cell company concept for businesses across the globe mean it is ideally positioned to service this emerging area and we expect that to continue in the latter part of this year.

“Those in charge of these pension schemes recognise the fact that Guernsey has modern and well-regarded insurance legislation and a reputation for innovation within the sector, which is supported by a mature financial services infrastructure.”