Monday, February 26, 2024

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Guernsey licences four captives, one PCC in 2023

Guernsey licensed four new pure captives and protected cell company (PCC) in 2023, while eight pure captives surrendered their licences.

At 31 December, 2023 there were 199 active pure captives compared to 203 at year end 2022.

Six PCCs also surrendered their licence and there was no change in the number incorporated cell companies (ICCs).

At 31 December, 2023 there were 46 active PCCs and 15 ICCs. Within these cell companies there are 216 active cell, of which 123 are classed as doing captive business.

The domicile has historically been a go-to jurisdiction for UK-based corporates, as well as a strong option for international businesses.

Outside of captives, Guernsey has 55 commercial general insurers, 24 commercial reinsurers, 19 commercial life insurers and 42 special purpose vehicles.