Streamlined account opening supports Guernsey’s buoyant captive insurance market

A speedier process

Lloyds Bank International has traditionally held a strong presence within the captive insurance sector in Guernsey. Against the backdrop of a hardening insurance market worldwide, and the Guernsey Financial Services Commission (GFSC)’s new pilot scheme enabling insurance cell companies to be fast-tracked, Lloyds Bank International was keen to streamline its account opening service to support the local market.

Lengthy timescales within the captive insurance marketplace have often been problematic to those who wish to create and open a new insurance cell company in Guernsey. In consultation with the Guernsey International Insurance Association (GIIA), the Guernsey Financial Services Commission (GFSC) and industry specialists, the bank sought to address this issue by introducing a new process enabling cell companies to be set up with reduced turnaround times, limiting unnecessary client administration and enhancing the overall client experience.

Positive feedback

Feedback from the industry—including captive managers in Guernsey—regarding the new Lloyds Bank International account opening service has been overwhelmingly positive.

Key to the success of the new account opening service are the skills and experience evident in the local team. From initial enquiry to complete account setup, all customer enquiries are handled personally by the bank’s highly skilled fiduciary team in Guernsey.

Julie Ronaldson, head of commercial banking, Lloyds Bank International, Guernsey stated: “It’s a real pleasure to work with GIIA and industry professionals and to continue to enhance our service and product offering. The captive insurance industry in Guernsey is a key pillar within the local financial community and it is vital that we continue to support its current and future requirements.”

Lloyds Bank International can provide a full range of banking facilities for the captive insurance client—with the added confidence of holding a Moody’s A1 credit rating. The bank’s products and services include supporting security interest agreements, competitively priced letters of credit, and bespoke pricing on deposit rates.

Please get in touch directly to see how Lloyds Bank International can help.