A diverse business: Guernsey’s insurance sector
Guernsey’s position as Europe’s leading captive insurance domicile has made the jurisdiction renowned for captive insurance activity — a large proportion of which provides general insurance cover to UK parents, many of them listed companies. Indeed, approximately 40 per cent of the leading companies on the London Stock Exchange and 95 of the Global 500 companies have captives in Guernsey. However, it is also home to a number of insurers and reinsurers underwriting third-party risks including life insurance/assurance as well as more exotic risks such as kidnap and ransom and ‘after-the-event’ insurance.
Guernsey’s long-established protected cell companies (PCCs) (as well as its younger offspring, the incorporated cell company, or ICC) are frequently used as incubators for small captive businesses and as special-purpose vehicles for insurance-linked securities and transformer structures that convert financial risk into insurance risk and vice versa.
This article summarises the legal framework underpinning Guernsey’s successful and diverse insurance sector…
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Briefings from Carey Olsen
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