Guernsey welcomed 82 new cells and 11 captives in 2016.
Of the total 93 additions, six were captive insurance entities, four were protected cell companies (PCC), 76 were PCC cells, one was an incorporated cell company, four were incorporated cell company cell and two were life policy PCC cells.
In total, Guernsey is now home to 837 captive insurance entities.
Guernsey recently celebrated 20 years since the introduction of protected cell companies.
The PCC legislation became effective for Guernsey’s captive insurance sector on 1 February 1997, following development of the concept from Steve Butterworth, director of insurance at the Guernsey Financial Services Commission between 1988 and 2003.
Dominic Wheatley, CEO of Guernsey Finance, commented in February: “The fact Guernsey’s cell company concept has been copied by finance domiciles across the world, with thousands of PCCs and cells employed across the insurance, funds and private wealth sectors, is a tribute to the genius of Butterworth’s simple idea.”
