A record 40 new captive insurance companies were registered in Guernsey during 1996 enabling the Island to retain its reputation for the sixth successive year as Europe's fastest growing captive location.
With 12 licence surrenders, caused by parent mergers and acquisitions not financial failures, the year's captive inflow produced a net gain of 28 bringing to 324 the total number of Guernsey captives at the year end. In addition there were 11 offshore life companies.
Twenty five of the new captives were formed on behalf of UK parents but the remainder came from Europe, the Americas, Australia, South Africa and the Far East. South African sources produced four of the new captives including Home Loan Finance Guarantors (Insurance ) Limited; its purpose is to provide guarantees to lenders in the home loan market thereby supporting a government target of a million new homes by 2006.
We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.
