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ARTICLE · 29 AUGUST 2017

Guernsey Special Purpose Insurers

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Guernsey's special purpose insurer business continues to grow, alongside its established captive insurance business.

GuernseyWealth Management
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Guernsey's special purpose insurer business continues to grow, alongside its established captive insurance business. 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 business ("ILS").

What is a special purpose insurer?

Within the last six months the Guernsey Financial Services Commission ("Commission") has published The Insurance Business (Special Purpose Insurer) Rules 2016 ("SPI Rules"), which clarify and confirm the regulatory definition and treatment of special purpose insurers ("SPIs") under Guernsey law. The Insurance Business (Solvency) Rules 2015 ("Solvency

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