Guernsey Insurance Conference Concludes Successfully

by Jason Gorringe, Tax-News.com, London

02 April 2007

The Guernsey Insurance Company Management Association (GICMA), in conjunction with GuernseyFinance, last Wednesday hosted the Guernsey Insurance Forum 2007 in Westminster.

Entitled ‘Captives for Today and Tomorrow’, the event provided local practitioners and GuernseyFinance – backed by third party accreditation – with the opportunity to demonstrate to key insurance decision makers the distinct benefits, particularly through innovation, that Guernsey offers as a jurisdiction in which to conduct captive business.

There were 20 exhibitors, including captive insurance providers ranging from large players to independent, boutique operators, the big accountancy firms and leading Guernsey law firms.

According to GICMA, more than 170 delegates attended, which is an increase of 33% from 2005 – the last time that the event was previously held. Of the total delegates, 68% came from outside Guernsey, with some coming from as far afield as Cuba and Dubai.

“It was a fantastic day,” announced David Riley, the Chairman of GICMA. He continued:

“The conference was a tremendous success both for the Guernsey practitioners who were able to reinforce the Island’s reputation for being at the cutting edge of developments in the industry and for the many delegates who learnt about the ongoing enhancements to the jurisdiction’s infrastructure, for instance, the advancement of new types of insurance vehicles like cells and companies.”

The conference followed the recent publication of a report by risk and insurance services firm Marsh, which revealed that half of the captives established by UK companies are based in Guernsey.

“There could hardly be a better time to be demonstrating to these key insurance decision makers based in the UK and beyond why Guernsey is the jurisdiction of choice for so much business,” concluded Mr Riley.

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