Guernsey is recognised as one of the world's premier IFCs. Guernsey Finance, which is the promotional agency for the Island’s industry internationally, is often the first port of call for potential clients looking to utilise Guernsey’s financial services expertise, particularly in captive insurance where the Island is ranked the number one domicile in Europe and fourth in the world.
Guernsey’s position as the largest captive insurance domicile in Europe (and fourth globally) means that we are ideally positioned to meet the needs of risk managers. This has been reaffirmed by some of the latest developments…..
Nearly 100 licences issued in 2012
There were 737 international insurers licensed in the Island at the end of December 2012. The net growth of 50 entities during the twelve months has been followed by further net growth of 24 entities in five months to the end of May to take the total to 761. Much of this growth relates to the continued increased popularity of the Guernsey-pioneered Protected Cell Company (PCC) and Incorporated Cell Company (ICC).
Aon Guernsey reports growth in cells
Aon in Guernsey is reporting growth in cells established within its White Rock Guernsey cell companies. Much of that growth comes from increasing demand for structuring collateralised reinsurance and insurance linked security solutions. However, growth has also derived from demand for conventional captive solutions from energy sector clients and insurance company owners relocating their companies to Guernsey from Bermuda. Guernsey’s decision not to seek equivalence with Solvency II is being held up as one reason for the movement of business into the Island.
World-first ILS listing
Swiss ILS manager Solidum Partners AG has established Guernsey reinsurance structures and a related catastrophe reinsurance risk listing on the Channel Islands Stock Exchange (CISX), which is the first private catastrophe bond listed on any exchange worldwide.
Housing schemes insured from Guernsey
A significant number of the licences issued last year related to insurance products supporting mortgages being offered to purchasers of newly built homes in England, Scotland and Wales. They are backed by the respective governments in the UK and are managed by JLT in Guernsey. Heritage in Guernsey is also managing a scheme established for UK housing associations.
Our reputation for quality of service is complemented by the Island's continued drive for innovation. The Island was the first jurisdiction to introduce the Protected Cell Company (PCC). It is a tribute to Guernsey's success that the concept, in various guises, has been replicated by other jurisdictions. However, the Island is still recognised as the pioneer and has now introduced the Incorporated Cell Company (ICC).
The Island has also made legislative advancements that have created a regulatory environment which allows for their flexible use. This combination of experience and creativity with cell companies means Guernsey is leading the way in providing cutting edge solutions to meet clients' complex risk transfer needs.
Guernsey plays host to subsidiaries of major companies such as Aon, Barbican, Catlin, Chartis, Generali, Hiscox, Jardine Lloyd Thompson, Marsh, Old Mutual, Royal & Sun Alliance, SCOR and Willis. Independent, boutique operators such as Heritage Insurance Management, Alternative Risk Management (ARM) and Kane are also present, providing a holistic environment for insurance solutions.
Chairman of the Guernsey International Insurance Association (GIIA)
Paul's technical experience includes: numerous insurance and reinsurance company start-ups, director on the boards of captives, PCCs, ICCs, life insurance, reinsurance and commercial insurance companies, insurance programme design and development and innovative use of PCCs & ICCs. He leads Aon's captive, insurance company and cell company management operations in Guernsey.
Fiona Le Poidevin
Chief Executive of Guernsey Finance
Fiona Le Poidevin is Chief Executive of Guernsey Finance, the promotional agency for Guernsey's finance industry internationally. Her role includes assisting with business development in existing and emerging markets, providing technical support to industry and liaising with industry associations. Previously a senior tax manager, she has over 13 years' experience in financial services in both the UK and Guernsey. Ms Le Poidevin is a Chartered Accountant and a member of the Institute of Directors.