The Guernsey Financial Services Commission (GFSC) licensed 97 new international insurers during 2012, bringing its total number of international insurers up to 737 at the end of December 2012.
This comprises 242 limited companies, 68 Protected Cell Companies (PCCs), 404 PCC cells, 5 Incorporated Cell Companies (ICCs) and 18 ICC cells.
It compares to a total of 687 licensed year-on-year: a growth of 50 entities during the year.
Fiona Le Poidevin, chief executive of Guernsey Finance said: “These figures show that last year was very successful for Guernsey as an international insurance centre.
"The numbers are particularly impressive considering that general market conditions mean that organisations are not especially pre-disposed to seeking out alternatives to the commercial insurance world, such as captive insurance, which is a key part of the Guernsey offering. I am sure many other captive insurance domiciles would like to be able to report such levels of new licences and net growth that we have achieved during 2012.”
A significant number of the licences issued last year relate to insurance products supporting mortgages being offered to purchasers of newly built homes in England, Scotland and Wales. They are backed by the respective governments in the UK and are managed by JLT in Guernsey. Heritage in Guernsey is also managing a scheme established for UK housing associations.
