Captives Continue To Flock To Guernsey

(Update Issue Number 8 Autumn/Winter 1996)

The Island maintains its position as the fastest growing and largest captive insurance company location in Europe. A net gain of 18 between 1 January and the end of September to bring the total number of captives to 315 and the total of offshore insurers to 327.

Notable registrations this year include a second for the Halifax Building Society. Its first, like those of seven other UK societies including Britannia, covers mortgage indemnity. Halifax's second captive, the first of its kind, offers the first-time buyer a guarantee covering the risk of negative equity. The development follows new legislation in the UK permitting building societies to form insurance subsidiaries other than those covering mortgage indemnity.