The Guernsey Financial Services Commission (GFSC) has licensed 107 new international insurers in the last 12 months.
The 107 insurers licensed from September 2011 to September 2012, include five pure captives, seven protected cell companies (PCCs), 90 PCC cells, one incorporated cell company (ICC) and four ICC cells.
Despite Guernsey’s promising figures the island also incurred 43 losses, comprising 14 pure captives, seven PCCs and 22 PCC cells. Meaning a net growth of 64 entities over the year.
Guernsey has also seen a net growth of 59 entities since the end of 2011. The 746 entities in Guernsey at the end of September 2012 included 251 pure captive, 67 PCCs, 406 PCC cells, five ICCs and 17 ICC cells.
Fiona Le Poidevin, chief executive of Guernsey Finance, said: “The figures show that the number of new licences being issued picked up as we moved through last year and that trend has continued during the first three quarters of 2012.”
“Indeed, having more than 100 new licenses issued during the last twelve months shows that Guernsey very much remains a domicile of choice for international insurance entities,” added Le Poidevin.
