Growth And ‘Firsts’ For Guernsey’s Insurance Industry In 2007

The number of international insurance entities based in Guernsey grew again during 2007 despite the Island's maturity in the sector and the difficult market conditions.

As part of this growth over the past twelve month's, the world's first local authority captive has been established in the Island, Guernsey's first major commercial reinsurer has been licensed and the Island's first insurance writing incorporated cells have come on-stream.

"The increase in the number of entities domiciled in the Island and the several new 'firsts' that we have seen during the past year illustrate that Guernsey's international insurance industry is continuing to perform robustly into 2008," said Peter Niven, Chief Executive of GuernseyFinance – the promotional agency for the Island's finance industry.