Press release from Guernsey Finance on Wednesday 17 June, 2020.
Guernsey’s insurance industry has worked with the Guernsey Financial Services Commission (GFSC) to make the island an attractive location for Managing General Agents (MGAs).
Guernsey Finance has developed a close working relationship with the UK’s MGA Association over the past 18 months and, together with industry group the Guernsey International Insurance Association (GIIA), an industry working group, identified the need to clarify licence provisions and permissions for new entrants to the market in the island.
The GFSC said a new application form for MGAs made it simpler for them to apply for a Guernsey licence. MGAs fall within the island’s insurance manager licensing framework. The Commission said it wished to ensure that Managing General Agents interested in coming to the Bailiwick understood how best to apply for the relevant Bailiwick permissions required, which may be helpful for both those considering setting up new MGAs, and established businesses considering redomiciling.
GFSC Director General William Mason said: “Through the launch of this new application procedure, the Commission is pleased to make clear that it welcomes applications from good quality MGAs who wish to take advantage of the Bailiwick’s business-friendly culture and independently-assessed adherence to international Insurance Core Principles”
Guernsey Finance Chief Executive Dominic Wheatley, who was a member of the industry group, said that the new application form was a useful step forward for the development of an MGA sector in the island.
“MGAs are a natural fit for Guernsey as our significant international insurance offering already has everything they need,” he said. “Entrepreneurial underwriters with capital lined up and a market position to leverage can come to Guernsey and find a high-quality insurance environment ideally placed to help develop an MGA.
“We had identified that the application process could be improved and are delighted to have worked with GIIA and the GFSC to make this happen.”