JLT created over 80% Guernsey cell growth
Most of Guernsey’s protected cell growth this year was due to two property protected cell companies managed by JLT.
Guernsey made a net gain of 68 cells in the last 12 months, 56 of which are in two JLT PCCs.
A UK Government-backed NewBuy scheme, launched in March, offers 95% loan to value mortgages on new homes. The insurance scheme is managed through JLT’s PCCs, separately covering the UK and Scotland.
Nick Wild, managing director of JLT Insurance Management in Guernsey, said that Home Builders Federation (HBF) PCC now has 50 related cells.
The equivalent Scottish scheme, launched on September 12, MI New Home Insurance PCC, has six cells. Wild expects more to be licensed by the end of 2012.