Guernsey's special purpose insurer (SPI) business
continues to grow, alongside its established captive insurance
business, writes Appleby Global's Kate
Storey.
Guernsey saw an increase in international insurers established
on the island of 31 over the 12 months to 31 December 2016,
bringing the total number of international insurers to 835, with
annual premiums written of £5.54 billion according to latest
available statistics – their highest level since available
records began in 2001. The bulk of this increase in business is
attributable to special purpose insurers, predominantly
insurance-linked securities (ILS) business.
What is a special purpose insurer?
Within the last six months the Guernsey Financial Services
Commission (GFSC) has published The Insurance Business (Special
Purpose Insurer) Rules 2016 (SPI Rules), which clarify and confirm
the regulatory definition and treatment of SPIs under Guernsey
law. The Insurance Business (Solvency) Rules 2015
