Guernsey is Europe's best captive domicile for fourth straight year

16 February 2016

Guernsey has been crowned European domicile of the year for the fourth successive year at the UK Captive Services Awards.

The awards, now in their fourth year, are hosted by Captive Review and recognise and reward captive insurance service providers that have demonstrated exceptional customer service and innovative product development over the past 12 months.

Guernsey was shortlisted alongside Dublin, Gibraltar, Luxembourg and Malta in the best European domicile category. The award was collected on behalf of industry by Adele Gale of Aon Risk Solutions.

Dominic Wheatley, Chief Executive of Guernsey Finance, said: "Guernsey's captive insurance offering continues to evolve and I am delighted that the Island has received this award for the fourth year in a row.  It is recognition of our leading international insurance expertise and a great way to begin 2016."

In addition, a number of Guernsey-based firms were named as winners in their respective categories including Aon Captive & Insurance Management, BWCI, Kane, White Rock Group and Willis Towers Watson.

Mr Wheatley said: "The Guernsey businesses which won in their respective categories have been particularly innovative in their approach to meeting client needs during the past year. This is the continuation of a long term trend within Guernsey's captive insurance industry and is something we will be looking to build on further during 2016."

Figures from the Guernsey Financial Services Commission (GFSC) show that there were 804 international insurers licensed in the Island at the end of December 2015 - the first time that the end-of-year figures from the GFSC have recorded the Island being above the 800 threshold. The 804 insurers comprise 242 limited companies, 64 Protected Cell Companies (PCCs), 444 PCC cells, 13 Incorporated Cell Companies (ICCs) and 41 ICC cells.

After winning actuarial firm of the year, BWCI Partner Ian Morris said: "Winning this award consistently over a period of four years recognises our sustained commitment to the provision of high quality good value actuarial services to captives. With Guernsey also retaining its title as European captive domicile of the year, Guernsey continues to be the leading jurisdiction for captives in Europe and can look forward to continuing growth in this market."

The UK Captive Services Awards 2016 took place at Plaisterers' Hall, London on Thursday 11 February and formed part of the UK Captive Owners Summit which took place the same day at Clothworkers' Hall, London.

*A full list of winners can be found by clicking here

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