Some growth despite competition from other jurisdictions
The number of international insurance entities domiciled in Guernsey reached 714 at the end of December 2008 – up from 708 at the same time 12 months earlier.
The main growth comes in the number Protected Cell Companies (PCCs), Incorporated Cell Companies (ICCs) and their related cells.
“We are very pleased to have recorded this growth given our maturity as a captive insurance domicile, increased competition from other jurisdictions and the soft market conditions that have been prevailing,” said Dominic Wheatley, Deputy Chairman of the Guernsey Insurance Companies Management Association (GICMA).
Figures from the Guernsey Financial Services Commission (GFSC) show that there were 370 international insurers and 344 PCC cells licensed in the jurisdiction at the end of December 2008.
Guernsey’s international insurance industry has gross assets of £18.5bn, a net worth of £6.5bn and writes premiums of £3bn.