Guernsey insurance licenses up by 52 in 2012

63 new licences have been issued and 11 surrendered during the first five months of 2012, meaning that the number of international insurance entities licensed in Guernsey has grown by 52 over that period.

Figures from the Guernsey Financial Services Commission (GFSC) show that there were 739 international insurance entities licensed in the Island at the end of May 2012 compared to 687 at the end of December 2011.

There have been, which represents net growth of 52 entities domiciled in the Island. According to figures at the end of May, there were 344 international insurers, comprising 254 companies, 68 Protected Cell Companies (PCCs), 5 Incorporated Cell Companies (ICCs) and 17 ICC cells, as well as 395 PCC cells.

“Figures from the GFSC showed that the number of new licences being issued really accelerated as we moved through last year and I am delighted to see that this trend has continued during the early months of 2012,” said Fiona Le Poidevin, chief executive of Guernsey Finance.

“We are seeing new licences issued across the different types of structures available but there has been especially strong growth in the number of cell companies being formed.

A significant proportion of these relate to a PCC managed by JLT on behalf of the NewBuy scheme and where there are even more licence applications in the pipeline but we are also hearing from the industry that there are a number of other opportunities coming through as well.”