Guernsey Voted Best European Domicile For PCCs

by Philip Morton, Investors Offshore.com

21 June 2006

A recent survey conducted by Reactions Magazine saw Guernsey voted the best domicile in Europe for PCC (Protected Cell Company) legislation, highly commended for its tailored legislation, and commended for its cost efficiency.

According to GuernseyFinance, the survey comes at a time when the growth in numbers of Captive Insurance companies slowed globally in 2005.

Guernsey continued to see strong growth in the numbers of captives being set up in the island during this period, although natural company attrition and local consolidation has meant that there was no net in figures for the period.

PCCs allow several different companies to use the same captive through individual cells, which are often bigger than many typical captives. Guernsey now has nearly 240 cells in almost 70 PCCs, and premiums to these are increasingly contributing to its position as the fourth largest domicile in the world in terms of the value of premiums written.

Peter Niven Chief Executive of GuernseyFinance commented:

“These accolades show the insurance industry recognizes Guernsey as a leading domicile for Captive Insurance and particularly for PCCs. This is set to continue with our pragmatic approach to legislation and our continuing drive to ensure that Guernsey is a good place to do business.”

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