Guernsey has yet again been named European Domicile of the Year at the 2024 European Captive Awards hosted by Captive Review. This is in recognition of the island's innovative and thriving captive insurance sector, with Guernsey remaining Europe's largest captive domicile as of the start of 2024.
Guernsey has a long history of domiciling captives, with more than 100 years of captive experience. In that time, the island’s insurance industry has continuously evolved to offer specialist captive expertise to a global client base.
Notably, 40% of UK FTSE 100 companies use a Guernsey captive, saving them almost £100 million and providing specific coverage to UK businesses, according to recent research by Frontier Economics.
The Guernsey International Insurance Association (GIIA) also won the Captive Collaboration Project of the Year award for the development of the Certificate in International Insurance Management qualification in conjunction with Sagacious Group and the GTA University Centre.
The course aims to give candidates actionable, practical knowledge of all facets of the Guernsey insurance international industry, from governing laws, governance and basic principles to the specifics of captive insurance and index linked securities.
Nick Wild, member of the Executive Committee of GIIA and Honorary Secretary of the Sagacious Group, said: “We are all delighted with the Captive Collaboration Project of the year award. This is in recognition of the work undertaken by over 25 volunteers, over two years, preparing the course material and exam as well as a significant contribution from the GTA. We are confident the course will give candidates an excellent foundation in the subject and be of great value to them, their employers and the companies they manage.”
Malcolm Cutts-Watson, who was involved in the development of the course, said: “I’m delighted this collaborative effort has been recognised. We called upon the accumulated expertise within the Sagacious Group, which is made up of alumni of the local captive industry to draft the educational material.
“The goal is to make it easier for Guernsey’s talent to expand their captive knowledge.
“The GTA offered excellent support by turning this raw material into a learning experience and now administer the course. The course material is readily available online via the GIIA website and there is a steady stream of candidates enrolling on this low cost, remote learning course that offers a certificate after passing a multiple-choice exam.”
Adele Gale, Chair of GIIA, praised the efforts of all involved, adding that she is particularly pleased that the course has received Accreditation by the Chartered Insurance Institute, which is recognised as the world’s leading educational body in the insurance sector.
