Press release from We Are Guernsey on Thursday, April 14, 2022.
The international finance centre of Guernsey this year celebrates a centenary of captive insurance.
In June 1922, the Commercial Insurance Company Limited (CICL) was established and listed with the Guernsey Registry as the island’s first ever captive vehicle. Since then, Guernsey has grown into Europe’s number one captive insurance domicile, with more than 300 structures based in the island.
Mark Elliott, Chair of the Guernsey International Insurance Association (GIIA), said it was an important milestone to recognise given the importance of the captive sector today.
“Generally, the accepted narrative is that there has been an established finance industry in Guernsey since the 1960s, so we are delighted to have been able to trace our history back further than that and demonstrate that specialist insurance services have been conducted here for 100 years,” he said. “Guernsey’s captive industry has historically proven itself capable of providing solutions to new and changing risks, and will continue to rise to these challenges.”
Guernsey Finance, the promotional agency for the island’s specialist finance industry, has released a celebratory magazine to mark the occasion. The publication takes a deep dive into the history of CICL, how captives have evolved over the decades, and what the future may hold for the industry. Two case studies also demonstrate Guernsey’s expertise in this area.
Guernsey Finance Chief Executive Rupert Pleasant said: “We have enjoyed working with GIIA and Guernsey’s wider insurance community on this publication to celebrate an important milestone. Our research unearthed some fascinating stories and artifacts, and the magazine will take the reader through the sector’s journey from 1922 through to the present day.”
You can access the magazine in full here.