Walkers partner Kate Storey is one of the leading insurance
lawyers in Guernsey. Kate is a Guernsey Advocate with more than a
decade's experience offshore, specialising in insurance and
investment fund matters. In this piece she explores the benefits of
Guernsey's SPI regime for international clients.
It often surprises me when talking to new clients on domicile
choice how relatively little known the advantages of the Guernsey
Special Purpose Insurer regime are. Whilst last year Bermuda
introduced a new class of collateralised reinsurer to meet demand
for a more flexible approach to capital requirements, type of
cedant and product type than offered by the Bermuda SPI or Class 3
insurer, Guernsey has already had a regime in place (since 2017)
which caters for those requirements and in fact has greater
flexibility and lesser capital requirements. Plus Guernsey's
regime still facilitates capital relief for Solvency II cedants to
the extent of the collateralisation – the
