Guernsey celebrates 100 years as a captive domicile

Published on Thu, 03/11/2022 - 14:49

Guernsey, a popular captive domicile choice for UK and international businesses, held a celebration in London last month of its 100 years as a captive domicile.

The first insurance company to be established in Guernsey, Commercial Insurance Company Limited (CICL), was established by the Vestey Group on 16 June 1922 to insure the retail properties of Dewhurst the Butchers, as well as other business activities of the group. Today, Guernsey is the largest captive domicile in Europe with just under 300 captives domiciled in the jurisdiction.

Airmic CEO Julia Graham was a panellist for a live recording of the Global Captive Podcast at the event, hosted by Airmic’s Captive Ambassador Richard Cutcher, alongside independent consultant Malcolm Cutts-Watson and Mark Helyar, counsel at Bedell Cristin law firm.

“When you invest in a captive in Guernsey, I very often hear that it’s a domicile that you can trust,” Julia, who is also an independent director on four captive boards in the domicile, said on the podcast.

“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.”

Mark Helyar, who is also an elected deputy for the States of Guernsey, said: “The key thing is it’s never stopped innovating, with PCC, ICC and 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.”

You can listen to the full GCP Live episode, recorded on 20 October, here.