Guernsey Licensed 12 New Captives in 2022, Bringing Total to 201

Guernsey Flag With Red And Yellow Cross

February 22, 2023 |

Guernsey Flag With Red And Yellow Cross

Guernsey finished 2022 with 201 captive insurance companies domiciled on the island, making it Europe's largest captive domicile, according to Guernsey Finance.

Guernsey issued 12 new captive licenses last year while 3 were surrendered, breaking a tie with Luxembourg, which had shared the status of largest European domicile at the end of 2021, a statement from Guernsey Finance said. Luxembourg reported a total of 195 captives at the end of 2022, according to the statement from Guernsey Finance.

"It is testament to the quality and experience of our practitioners," Rupert Pleasant, chief executive of Guernsey Finance, the international promotional body for the island's financial services industry, said in the statement. "Guernsey is a globally renowned center for specialist financial services, a jurisdiction of substance, and it is gratifying to reach this milestone."

"This is a great endorsement of Guernsey's captive offering, coming soon after our 100 years of captives anniversary celebrations," Mark Elliott, chair of the Guernsey International Insurance Association, said in the statement. "We have a high-quality, experienced captive infrastructure with leading service providers and a pragmatic and robust regulator, which is what sets us apart. We look forward to continuing to innovate and promote the captive proposition to existing and new clients going forward."

February 22, 2023