Guernsey Retains Place as Leading European Insurance Centre

15 May 2003 Guernsey has retained its position as the leading European centre for the captive insurance industry according to figures released in the FSC (Financial Services Commission's) annual report.

In total, 37 captive insurers were licensed last year (seven of which were protected cell companies or PCCs), representing a net gain of 13 during 2002 (of which six were PCCs). The island also attracted thirty new licence applicants last year, although this was largely offset by 23 surrendered licenses.

Additionally, in the areas of PCCs, the report shows a rising interest in special purpose vehicles (SPVs), although these are usually only arranged by well capitalised companies.

Typically, shareholders in the new insurers were from the United Kingdom, but according to the Guernsey Press and Star, which reported on the FSC review, there was also a presence from Europe, Australia, the Middle East, South Africa and Japan.