Guernsey Finance reveals that the island continues to lead the insurance-linked securities (ILS) industry.
According to Guernsey Finance, ILS structures comprised the majority of Guernsey’s licence applications throughout last year.
The introduction of a 30-day rollover allows ILS cells a contingency period, where they will not face non-compliance penalties if an ILS transaction has not been fully executed. This provision has received widespread acclaim within the ILS industry.
Dominic Wheatley, CEO of Guernsey Finance, commented: “Guernsey already has a number of advantages as a domicile for ILS, including the breadth of our funds and insurance knowledge, our status outside of Solvency II, our experience and the responsiveness of our regulator.”
He added: “Guernsey is a key player in the ILS transformation market and as the asset class continues to grow, Guernsey’s role in it will grow too. I am sure we will continue to be at the forefront of innovation in the ILS sector.”
The Guernsey Finance ILS Insight conference, hosted in Zurich on 4 July 2019, will hold panels to discuss the implementation of the 30-day rollover period, as well as the wider issues, market and environment of the ILS industry.
