The Guernsey Financial Services Commission said it has licensed 107 new international insurers in the past twelve months, taking the total number up from 682 at the end of September last year to 746 licensed international insurers at the end of September 2012.
During that period, the GFSC said the 107 additions included five “pure” captives, seven Protected Cell Companies (PCCs), 90 PCC cells, one Incorporated Cell Company (ICC) and four ICC cells. There have also been 43 surrenders comprising 14 ‘pure’ captives, seven PCCs and 22 PCC cells. This means there has been net growth of 64 entities over the year.
There has also been net growth of 59 since the end of December 2011, when there were 687 international insurers licensed in Guernsey. The 746 entities domiciled in Guernsey at the end of September 2012, comprised 251 ‘pure’ captives, 67 PCCs, 406 PCC cells, 5 ICCs and 17 ICC cells.
Fiona Le Poidevin, chief executive of Guernsey Finance – the promotional agency for the island’s finance industry, said: “The figures show that the number of new licences being issued picked up as we moved through last year and that trend has continued during the first three quarters of 2012.
“Indeed, having more than 100 new licenses issued during the last twelve months shows that Guernsey very much remains a domicile of choice for international insurance entities. Clients choose to do business here because we offer a mix of high standards of service combined with proportional regulation which is very difficult to find in any jurisdiction globally.”
