Membership of the Jersey International Insurance Association (JIIA) is open to insurance companies and businesses that work with the sector, such as law firms, accountants and investment managers.
Richard Packman, JIIA chairman and managing director of local insurer Heritage, said: “For many years insurance related business has been transacted in Jersey, but perhaps not sufficiently publicised.
“Jersey is currently experiencing a swell of interest and activity in this area with new captive insurance applications as well as enquires from insurers and reinsurers who are considering re-domiciliation. The Jersey International Insurance Association has been formed to build on this interest and to provide a voice for the industry here.”
Neighbouring Guernsey is better known as a centre for captive insurance, and is also being home to offshore life insurer Generali International. The isle of Man is also a well-established centre for captive insurance. Jersey, however, has historically been more closely associated with offshore banking, fund and investment management and the trust and corporate sector.
The JIIA highlighted Jersey’s regulatory regime, legislation and well-developed financial industry as being “an impressive platform from which it can encourage and attract significant levels of insurance, reinsurance and captive insurance business.”
