Guernsey makes pure captive net loss
Guernsey has lost nine pure captives but gained 68 protected cell company cells in the last 12 months.
The domicile saw 14 pure captives close or re-domicile and only five new captives licensed in the last year.
But a net gain of 68 protected cells and four incorporated cells was reported by the Guernsey Financial Services Commission (GFSC).
This brings the total number of international insurance entity licences from 682 at the end of 2011 to 764 by the end of September 2012.
Fiona Le Poidevin, (pictured) chief executive of Guernsey Finance, said: “We are seeing new licences issued across the different types of structures available but there has been especially strong growth in PCC cells.”
Gross assets, net worth and premium written annually in Guernsey’s international insurance industry were all higher in 2011 than in 2010, data from the GFSC shows.
- Gross assets grew by 1.6% to reach £21.76bn (US$34.86bn)
- Net worth grew by 6% to £8.97bn (US$18.37)
- Premium written annually increased 12.7% to reach £4.62bn (US$7.40bn)