Why Guernsey for Insurance?
Guernsey provides specialist insurance services, including expertise in captives, insurance-linked securities, reinsurance, managing general agents, longevity risk and run-off insurance.
Guernsey has an innovative insurance industry - creator of the Protected Cell Company structure and the world's first ESG framework for insurers.
With more than 100 years experience in captives, Guernsey is a global leader and Europe's number one domicile for captive insurance with a fast track pre-authorisation scheme for PCCs.
Flexible and pragmatic regulator
Supportive environment
Innovative industry
Committed to sustainable finance
With more than 100 years of experience, Guernsey is a global leader and Europe's number one domicile for captive insurance.
More than 40% of UK FTSE 100 companies have captives domiciled in Guernsey. Guernsey-domiciled captives are also popular in Europe, the Americas, Middle East, Asia, South Africa, Australia and the Caribbean.
Guernsey is recognised as a centre for reinsurance, including collateralised catastrophe reinsurance, with a focus on sustainability.
Reinsurance in Guernsey covers a diverse range of risks, including the reinsurance of humanitarian aid, satellites, football clubs and players, lottery risk and marine reinsurance.
Guernsey's experience and expertise in both the investment funds and insurance sectors are combined in its ILS offering. Guernsey offers bespoke access for investors and managers to ILS opportunities.
Guernsey's insurance expertise, access to alternative capital markets and flexible and pragmatic approach to regulation make it a key domicile for Managing General Agents
Guernsey's expert insurance industry and track record of innovation supports a thriving environment for managing run-off insurance.
The Guernsey International Insurance Association (GIIA)
GIIA was formed in 1983 to represent the combined interests of both Guernsey insurers and Guernsey insurance managers. The Guernsey insurance industry has historically been dominated by captive insurance and protected cell companies, at least in terms of the number of licensed insurers operating from the island. Almost all of these insurers are run by licensed insurance managers. This inevitably means that the majority of insurance professionals represented in the association are insurance managers. However, the membership also includes all the island’s major international life assurers.
In recent years, the Guernsey Insurance Industry has expanded through the development of insurance linked securities (ILS) products and Guernsey insurers also provide a significant share of the market capacity for Kidnap & Ransom (K&R) and Fine Art insurance today.
The Guernsey Financial Services Commission
The GFSC is the regulatory body for the finance sector in the Bailiwick of Guernsey.
Why do people like working with Guernsey practitioners?
“For the first time, the Guernsey hybrid provides managers with the opportunity to operate an investment fund and any number of sub-funds and SPIs in once place, supervised by one regulator, governed by one board of directors with one set of service providers and one auditor. No other jurisdiction in the world offers such a unique combination.”
“UK FTSE 100 companies may collectively save almost £100 million per year by using Guernsey Captives.”
“Kelvin Re was the first rated commercial reinsurer choosing Guernsey as its domicile. Guernsey was selected following detailed analysis of the options. Some of the factors identified were political, fiscal, legal and economic stability, experienced professionals and regulator, and a convenient time zone and location – close to Zurich and London where the underwriting and risk modelling team of CSAM is located. Guernsey’s financial strength versus other potential domiciles was also a key consideration.”
“I like the approach we heard about and the ambition Guernsey is showing in this space. Guernsey clearly gets what MGAs are all about.”
"Guernsey is a low-risk captive domicile, but also flexible and maintains high standards in terms of how captives are run and managed. There’s a health captive market in Guernsey, with plenty of resources with regards to directors and non-execs – a good support network. It’s also easy to get to and from London. As part of moving the management of Rutland to SRS, we did a mini review of the domicile and Guernsey still comes out as the best option.
Innovation is always a key driver for any business. A captive is no different. As part of the management review, we had some new ideas that we were looking to progress and use the captive differently. Our manager was best placed to support that process.
Captive insurance is an industry where support and networking is vital, and that is all present in Guernsey. I’d happily recommend the domicile.”
“Captives are one of the many means corporates buy affordable and broad insurance coverage. A jurisdiction like Guernsey brings down the cost of business for these firms which makes UK PLC more competitive.”
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