21 August 2015
Reporter: Becky Butcher

Guernsey licenses 45 new international insurers in H1

The Guernsey Financial Services Commission (GFSC) has licensed 45 new international insurers during the first six months of this year.

The 45 new insurers 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.

There were a total of 816 international insurers licensed in Guernsey at the end of June 2015, made up of 244 limited companies 67 PCCs, 393 PCC cells, 13 ICCs, 40 ICC cells and 59 life policy cells.

This is in comparison to a total of 797 GFSC-licensed international insurers at the end of December 2014, showing 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.”

He added: “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 shows that their owners originate from a range of locations, including the UK, Cayman Islands, Finland and Switzerland, while the range of businesses written includes insurance-linked securities and insurance lines covering property, after the event (ATE) legal expense, and longevity risk.

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