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Guernsey ended 2015 with more than 800 international insurers.
It is the first time that the end-of-year figures from the Guernsey Financial Services Commission (GFSC) have recorded the Island being above the 800 threshold.
The latest figures show that there were a total of 804 international insurers licensed in Guernsey at the end of 2015, comprising 242 limited companies, 64 Protected Cell Companies (PCCs), 444 PCC cells, 13 Incorporated Cell Companies (ICCs) and 41 ICC cells. This compares to a total of 797 international insurers being licensed by the GFSC at the end of December 2014, signifying a net growth of seven entities during the 12 months.
Over the course of 2015 the GFSC licensed 66 new international insurers. This included 13 limited companies, three PCCs, 43 PCC cells, four ICCs and three ICC cells.
Further data on the 66 licensed entities shows that their owners originate from a range of locations including the UK (44%), the Cayman Islands (24%) and Ireland (8%).
Guernsey Finance Chief Executive Dominic Wheatley said: “Confirmation that Guernsey ended last year with more than 800 international insurers is a terrific endorsement of our standing and expertise across the insurance sector. The Island’s excellent reputation in the London market ensures that much of our business originates in the United Kingdom but insurers from all corners of the world are establishing in Guernsey.”
The range of business written over the 12 months to 31 December 2015 includes Insurance Linked Securities (ILS) (38%), insurance lines covering property (14%), After the Event (ATE) legal expense (10%) and general liability insurance (7%).
“The diversity of insurers choosing to establish here is testament to the professional environment in Guernsey. The Island offers the latest and most sophisticated legislation, pragmatic regulation outside the Solvency II regime and a wealth of insurance management expertise; all of which are conducive to establishing an insurance business,” said Mr Wheatley.
In October 2015, Humbolt Re became Guernsey’s latest rated reinsurance vehicle. With an initial capital outlay of CHF 500 million, Humboldt Re intends to build a portfolio of approximately CHF 140 million gross written premiums, with globally diversified reinsurance exposures focused on property catastrophe.
A month later the international credit rating agency, Standard & Poor’s, confirmed that Guernsey’s credit rating remains at its highest possible level, with an AA+ (Stable outlook) rating.
