Guernsey Marks 100 Years of Captive Insurance with London Celebration

Guernsey recently marked 100 years of captive insurance in the domicile with a celebration in London hosted by Guernsey Finance and the Guernsey International Insurance Association.

More than 100 insurance industry professionals participated in the celebration.

The first captive was registered in Guernsey in June 1922 by Commercial Insurance Company Limited (CICL) and was listed with the Guernsey Registry as the island's first-ever captive vehicle. Since then, Guernsey has grown into Europe's largest captive insurance domicile, with more than 300 structures based on the island.

Rupert Pleasant, chief executive of WE ARE GUERNSEY, the brand name for Guernsey Finance, the promotional agency for the island's financial services industry, told the audience that Guernsey continues to lead in providing innovative solutions to today's challenges.

"Guernsey is home to a specialist, pioneering, and highly innovative insurance sector, boasting a position of leadership in the structuring and execution of alternative risk transfer for sophisticated clients," Mr. Pleasant said.

He noted that legislation in Guernsey has created a regulatory environment allowing for the flexible use of captive insurance. "This combination of experience and creativity means Guernsey is leading the way in providing cutting-edge solutions to meet clients' complex risk transfer needs," Mr. Pleasant said.