ARTICLE · 10 FEBRUARY 1997
40 New Captives For Guernsey In 1996
Guernsey has just experienced its best ever year for new captive insurance company registrations. During 1996, 40 new captives were registered, and with 12 companies surrendering their licenses, the net increase was 28, bringing the total of offshore insurers at the year end to 335 (324 captives and 11 offshore life companies).
The surrenders were mainly due to mergers and acquisitions of the captive parents. None of the captives were closed down because of financial difficulties.
Notable registrations during the year included captives set up by the Post Office (to write insurance for their low risk liabilities), British Energy Plc, National Express Group plc, the Medical & Dental Defence Union of Scotland, the Britannia Building Society and the Halifax Building Society. The latter insures customers against negative equity and Halifax is the first of the building societies to take advantage of new legislation which allows societies to form insurance subsidiaries other than
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