Guernsey

Global broker Howden is likely to launch an onshore captive manager once the United Kingdom introduces its UK captive regulations.

If a UK regulatory environment turns out not quite hitting the mark, a new generation of captive curious companies may have been flushed out, sold the dream but chosen Guernsey or another established domicile more suited to their needs.

A new book charting the evolution of Guernsey’s insurance industry over the past 50 years has been published by local insurance veteran Nick Wild, independent non-executive director, author, and founding member and honorary secretary of the Sagacious Group.

AM Best has affirmed the financial strength rating of ‘A’ (excellent) and long-term issuer credit rating of “a” (excellent) of Guernsey-domiciled Jupiter Insurance. The outlook for the ratings is stable.

Chicago-headquartered Jones Lang LaSalle is planning to add employee benefits to its Guernsey-domiciled captive next year, with the firm “constantly considering” adding new risks, according to Ian Ascher, executive director for global risk management at the firm.

The Guernsey International Insurance Association (GIIA) has said it welcomes HM Treasury’s captive consultation response, in which Rachel Reeves MP gave a long discussed potential UK captive regime the green light.

The UK is already a very mature market when it comes to captive utilisation. The corporate community has not required a ‘home’ domicile to become, by some distance, the second largest captive owning country.

Jeometri Insurance Managers plans to utilise its combined experience with Alpha Growth to maximise the use of a new Guernsey protected cell company (PCC), subject to regulatory approval, according to Aaron Slattery, client services director at Jeometri.