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London Insurance Broker In Guernsey First

by Jason Gorringe, Tax-News.com, London

26 July 2012


Global insurance broker Willis Group Holdings has been granted a full commercial lines license to conduct insurance intermediary services in Guernsey, and becomes the only London-based insurance broker with both a Guernsey license and a full-time local representative based in the Channel Islands to provide a number of insurance solutions to corporates.

Willis is already licensed by the Guernsey Financial Services Commission (GFSC) to carry out captive insurance management services in Guernsey.

Welcoming the receipt of the new license, Roland Avery, Chairman of Willis FINEX Global, said: “Guernsey is an important financial centre for many of our clients and therefore it is critical that Willis is properly represented on the island. The fact that we are fully licensed by the GFSC and the presence of our full time local representative both demonstrate that Willis is committed to Guernsey and to supporting our clients wherever they are.”

James Baird, Willis Executive Director of FINEX National and Channel Islands Practice Leader, commented: “A number of our clients are conduits for facilitating insurance for other regulated entities. They can say with confidence that by using Willis to facilitate their clients’ insurance requirements they are engaging with an organization which is fully licensed by the GFSC.”

Nick Bachmann, Willis Business Development Executive, FINEX National, commented: “We know it is important to have a local representative from a regulatory perspective, but it is equally important from a local relationship-building perspective. Most of our clients have mentioned how important it is for them to have someone on the island with whom they can meet regularly, and face-to-face as opposed to over the phone.”

Founded in 1828, Willis Group Holdings plc is a leading global insurance broker, with more than 400 offices in nearly 120 countries.

A comprehensive report in our Intelligence Report series which studies the 20 main offshore jurisdictions which offer captive insurance regimes is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report11.asp
TAGS: tax | business | insurance | international financial centres (IFC) | Guernsey | offshore | captive insurance

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