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Guernsey has long been established as a leading jurisdiction for insurance business.

On 25 January this year, in a joint statement, the States of Guernsey and the GFSC confirmed that it was not Guernsey’s present intention to seek third country equivalence under the EU’s ‘Solvency 2’ directive.

Guernsey is well known as Europe's largest captive insurance domicile and number four in the world.

Regulation of Guernsey's insurance industry is meeting current international standards, according to a report published by the International Association of Insurance Supervisors (IAIS).

Guernsey remains a popular choice of jurisdiction for corporates, providing a stable government and a transparent legislative and tax system.

Carey Olsen Partner Christopher Anderson, with the support of the Guernsey Financial Services Commission (GFSC), has created the world's first hybrid vehicle for Insurance Linked Securities (ILS) fund managers.

Guernsey's insurance sector has made a further commitment to green and sustainable finance by signing a pledge to be carbon neutral by 2050.

The contribution that Guernsey's finance sector makes to the UK economy has been highlighted in research conducted by Frontier Economics – one of the largest economic consultancies in Europe.

The use of captives is going to become increasingly sophisticated in the future, according to a leading figure in the market in Guernsey.

Delegates at this year's Guernsey Insurance Forum in London are set for captivating insights into the cyber-risk world with former head of the FBI's Cyber Division James Trainor confirmed as keynote speaker.

Guernsey also has four insurance-related Memoranda of Understanding signed with China.

The Guernsey Financial Services Commission (GFSC) licensed 85 new international insurers during 2014.

More significant business is expected to be established in Guernsey this year in the Island's thriving insurance sector, according to Peter Child, Chairman of the Guernsey International Insurance Association (GIIA).

The cell company, pioneered in Guernsey, is now used across the financial services world for the structuring of many different types of captive vehicles.

Insurance Linked Securities are investment instruments whose value is directly related to insurance risk and whose performance is not correlated with other asset classes.

Insurance Linked Securities (ILS) are financial instruments whose value is directly related to insurance risk and whose performance is not correlated with other asset classes.