‘A truly remarkable landmark for island’

MORE than 100 insurance industry professionals celebrated a century of captive insurance in Guernsey at a special event hosted by Guernsey Finance and the Guernsey International Insurance Association.

Left to right: Malcolm Cutts-Watson, Richard Cutcher (standing), Mark Helyar and Julia Graham.  (31405893
Left to right: Malcolm Cutts-Watson, Richard Cutcher (standing), Mark Helyar and Julia Graham. (31405893

Held at Landing 42 of the City of London’s Leadenhall building, a highlight of the evening was a live podcast recording, with special guest Richard Cutcher of Global Captive Podcast, who was joined by guests Mark Helyar, counsel at Bedell Cristin, Julia Graham, CEO of Airmic, the risk management organisation, and captive industry veteran Malcolm Cutts-Watson of Cutts-Watson Consulting.

‘This is a truly remarkable landmark for what is possibly the oldest captive jurisdiction in the world,’ said Mr Cutcher.

The first captive registered in Guernsey was in June 1922 by the Commercial Insurance Company Limited (CICL).

Since then, Guernsey has grown into Europe’s number one captive insurance domicile, with more than 300 structures based in the island, and continues to lead the way in creating innovative solutions to today’s challenges.

‘Guernsey is home to a specialist, pioneering and highly innovative insurance sector, boasting a position of leadership in the structuring and execution of alternative risk transfer for sophisticated clients,’ said Guernsey Finance chief executive Rupert Pleasant.

‘Guernsey has also made legislative advancements that have created a regulatory environment which allows for captive’s flexible use. This combination of experience and creativity means Guernsey is leading the way in providing cutting-edge solutions to meet clients’ complex risk transfer needs.

‘The result is an environment perfect for start-ups, state-of-the-art operations and niche providers.’

Mr Helyar said that captives make up an important part of Guernsey’s global reputation as an international financial centre. A component of this success, he added, is a desire by industry to keep improving.

‘It’s never stopped innovating, with PCCs, ICCs, ILS. The insurance industry doesn’t stop moving. Risk doesn’t stop changing. And we continue to adapt and provide a market for that kind of alternative risk.’

Guernsey has all the right attributes to make it a jurisdiction of choice for captives, according to Mr Cutts-Watson.

‘One thing I see is a great synergy between the captive and the various other financial services sectors like fiduciary, family offices, investment funds and capital markets. Guernsey has got all the right characteristics and attributes to be a natural home for those type of vehicles.'

Trust was a key reason why people invested in a captive in Guernsey, said Ms Graham. ‘If you want somewhere that you trust and that’s got a mature and proportionate regulatory environment, where you know there’s a stable financial environment, and pool of talent, then Guernsey’s got the lot for me,’ she said.

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