Guernsey has been crowned European captive domicile of the year at the UK Captive Services Awards 2013.
The inaugural awards, which formed part of the Captive Live UK 2013 Conference that took place earlier this week, also saw a number of Guernsey-based firms recognised as winners in their respective categories.
Aon, Bedell Cristin, BWCI, Igloo Insurance PCC Limited, JLT Group, Robus Group and Royal London Asset Management all picked up awards on the evening. In addition, Alan Fleming, a former Director of Insurance at the Guernsey Financial Services Commission (GFSC), was recognised for his outstanding contribution to the industry.
The awards, presented by Andrew Wilson of Sky News, recognised excellence in the delivery and management of captive insurance and celebrated those who have excelled in the last year.
Guernsey was named European captive domicile of the year ahead of other shortlisted jurisdictions: Dublin, Gibraltar, Luxembourg and Malta.
Fiona Le Poidevin, Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry – said the award was a great way for the Island’s captive insurance industry to begin 2013 after a successful 2012.
“I am delighted that Guernsey has received this award and it is just recognition of the significant developments which we have seen within Guernsey’s captive insurance sector during the past 12 months,” she said.
Figures from the GFSC show that there were 737 international insurers licensed in the Island at the end of December 2012, compared with 687 a year previously. The net growth of 50 entities included 97 additions, comprising 4 limited companies, 3 PCCs, 87 PCC cells and 3 ICC cells.
Miss Le Poidevin said: “Guernsey’s strong heritage as a captive insurance domicile means that we have built significant strength in depth and that was also recognised at the ceremony, not just through Guernsey as a jurisdiction winning its category but also the number of Guernsey-based firms that collected awards on the evening.”
Award wins by Guernsey-based firms at the UK Captive Service Awards 2013:
• Actuarial firm of the year – BWCI
• Best customer service in captive management – JLT Insurance Management Guernsey
• Best customer service in investment management – Royal London Asset Management
• Captive manager of the year – Aon Captive & Insurance Management
• Cell company initiative of the year – Igloo Insurance PCC Limited
• Independent captive manager of the year – Robus Group
• Innovation in captive management – JLT Insurance Management Guernsey
• Insurance broker of the year – Aon
• Offshore law firm of the year – Bedell Cristin
• Outstanding contribution to the industry – Alan Fleming
• Reinsurance broker of the year – Aon
• Technology firm of the year – Aon eSolutions
Miss Le Poidevin added: “Many of the Guernsey-based firms winning awards have been particularly innovative in their approach to meeting client needs during 2012. This is the continuation of a long term trend within Guernsey’s captive insurance industry and is something we will be looking to build on further during 2013.”
Guernsey is consistently recognised as the largest captive domicile in Europe and number four globally by trade publication Captive Review, which hosted the UK Captive Services Awards 2013 on Tuesday 12 February at 8 Northumberland Avenue, London, as part of the two-day Captive Live UK 2013 Conference.
Guernsey-based speakers at the event included Paul Sykes and John Rowson from Aon Risk Solutions, Martin Le Pelley of Heritage, Nick Wild of JLT Insurance Management, Clive James from Kane, Chris Le Conte and Justin Wallen of Robus Group, and Richard Paris-Smith, Malcolm Cutts-Watson and Dominic Wheatley of Willis.
Category: Finance & Business