“SoLvEnCy II EqUIvALEnCE CoULD PoTEnTIALLy BURDEn GUERnSEy InSURERS WITH ADDITIonAL CoSTS AnD REnDER CURREnTLy EFFECTIvE CAPTIvE BUSInESS PLAnS UnEConoMIC.”


Guernsey-based Igloo Insurance PCC Limited. Three UK housing associations have joined the scheme by taking cells in the PCC to insure property risks while avoiding market volatility and a number of other associations are expected to join during 2012. It is managed by Heritage Insurance Management Limited.


The Jardine Lloyd Thompson Group (JLT) has announced that


its Guernsey office will play a key role in a new mortgage indemnity insurance scheme being introduced in the UK. The Home Builders Federation (HBF) and the Council of Mortgage Lenders (CML) have created the scheme, in which mortgages on new build homes will be underwritten by house builders and the UK Government. By insuring the risk of default losses, the scheme allows lenders to offer 95 percent loan to value (LTV) mortgages on new homes.


Growth in 2011 has helped push the net number of international insurance entities licensed in Guernsey up by 12, from 675 at the end of 2010 to 687 at the close of the year. The GFSC has also released data for 2010 which show that the Guernsey international insurance industry had gross assets of £21.4 billion, a net worth of £8.5 billion and premiums written of £4.1 billion.


These data from the GFSC, coupled with the independent evaluations, provide strong evidence that Guernsey remains an attractive domicile in the eyes of current and potential captive owners.


Fiona Le Poidevin is deputy chief executive of Guernsey Finance. She can be contacted at: info@guernseyfinance.com


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