Guernsey licensed 43 new protected cell company (PCC) cells in 2015, bringing the total to 444 for the year, according to the Guernsey Financial Services Commission (GFSC).
The domicile did lose 35 PCC cells last year, effecting a net change of eight from 2014.
Guernsey also licensed three new incorporated cell company (ICC) cells, according to the GFSC figures, but lost two over the course of the year, bringing the total to 41 at the end of 2015.
Four ICCs were licenced and one departed, meaning that Guernsey was home to 41 of these captives by the end of the year.
Three new PCCs were approved by the end of 2015, but Guernsey did see six departures, bringing the total number of PCCs to 64, compared to the 67 in 2014.
Guernsey did not license any captives under the ‘company’ bracket during 2015, keeping its total at 242.
In total, Guernsey licensed 66 international insurers in 2015 but saw 59 departures, meaning the domicile had 804 of these entities licensed at the end of the year.
Guernsey Finance CEO Dominic Wheatley, said: “Confirmation that Guernsey ended last year with more than 800 international insurers is a terrific endorsement of our standing and expertise across the insurance sector. The Island’s excellent reputation in the London market ensures that much of our business originates in the UK but insurers from all corners of the world are establishing in Guernsey.”
Insurance-linked securities made of the majority of business in 2015 at 38 percent, followed by property at 14 percent.
Guernsey saw the highest amount of new insurance business last year come from the UK at 44 percent, followed by 24 percent from the Cayman Islands.
He added: “The diversity of insurers choosing to establish here is testament to the professional environment in Guernsey. The Island offers the latest and most sophisticated legislation, pragmatic regulation outside the Solvency II regime and a wealth of insurance management expertise; all of which are conducive to establishing an insurance business.”
