21/02/23

GUERNSEY: Jurisdiction becomes largest captive domicile in Europe.

As published on captiveinsurancetimes.com, Tuesday 21 February, 2023.

Guernsey has become the largest domicile for captive insurance in Europe, according to Guernsey Finance, with a total of 201 captives domiciled in the island at the end of 2022.

Last year, Guernsey approved 12 new captive licences and had three surrenders. This overall increase sees Guernsey overtake Luxembourg as the largest European domicile at year-end.

At year-end 2021, Guernsey was tied as the joint-largest European domicile with Luxembourg, with both domiciles reporting a total of 195 captives.

Commenting on the statistics, Rupert Pleasant, chief executive of Guernsey Finance, says: “It is testament to the quality and experience of our practitioners. Guernsey is a globally renowned centre for specialist financial services, a jurisdiction of substance and it is gratifying to reach this milestone.”

He adds: “Guernsey has a long history of domiciling captives, with the first captive insurer being incorporated into the island over 100 years ago. Since then, the island’s insurance industry has continuously evolved and innovated to provide the very best infrastructure for its clients.”

Mark Elliott, chair of the Guernsey International Insurance Association, comments: “This is a great endorsement of Guernsey’s captive offering, coming soon after our 100 years of captives anniversary celebrations.

“We have a high quality, experienced captive infrastructure with leading service providers and a pragmatic and robust regulator which is what sets us apart. We look forward to continuing to innovate and promote the captive proposition to existing and new clients going forwards.”