Guernsey's captive insurance market holds steady in 2025, with cell captive formations offsetting a slight dip in traditional structures as the domicile maintains its position among Europe's leading captive jurisdictions. The Guernsey Financial Services Commission (GFSC) reports 196 non-cellular captives domiciled on the island at the end of 2025, a net decrease of one from the restated 2024 year-end figure of 197. Eight new captive formations during the year were offset by nine licence surrenders. The modest decline marks an improvement on 2024's performance, when the domicile recorded a net loss of seven captives despite 10 new formations, as 17 entities surrendered their licences. Cell structures continue to attract interest. The GFSC records 126 cell captives at year-end 2025, up from a restated figure of 122 at the close of 2024. Thirteen new cell captive formations and nine surrenders delivered net growth of four, maintaining momentum from the previous year when the domicile reported 14 new cell formations and net growth of six. Protected cell companies (PCCs) decreased from 46 to 44 over the year, while PCC cells excluding insurance-linked securities rose from 215 to 222, a net increase of seven. Incorporated cell companies (ICCs) remained stable at 14, with ICC cells unchanged at 46. Guernsey's international insurance sector manages significant capital. The GFSC data shows gross assets of £29.70 billion, net worth of £12.62 billion, and gross written premiums of £5.19 billion for 2024, the most recent year for which financial data is available. The domicile's overall insurance entity count stands at 549 at year-end 2025, up from 542 twelve months earlier. This total comprises 223 companies, 44 PCCs, 222 PCC cells, 14 ICCs, and 46 ICC cells. Commercial reinsurers saw notable growth among non-cellular entities, rising from 27 to 30, while special purpose vehicles decreased from 29 to 25. Commercial general insurers increased from 59 to 61, with 31 retail general insurers included in that figure. Commercial life insurers remained unchanged at 15. Guernsey maintains 23 authorised insurance managers following one addition and two surrenders during the year. Insurance intermediaries grew by one to 36, while the island's five domestic insurers remained unchanged.
