Guernsey, Europe's number one captive insurance domicile, has been recognised as such once again by Captive Review.
The island was named European Domicile of the year at the 2020 Captive Review European Awards. The awards showcase the best in the industry in Europe. Due to the Covid-19 pandemic, the awards were hosted online this year.
It is the fourth year in a row Guernsey has won this award in its various guises, previously known as the UK & EU Captive Awards, and the European & UK Captive Awards.
Peter Child, Chair of the Guernsey International Insurance Association's Marketing Development Committee, said news of another win for Guernsey was "fantastic."
"Guernsey continues to win this award because it has the most captive-focused insurance environment," he said. "The number of captives continues to grow and applications to the Guernsey Financial Services Commission and planned formations over 2020, going into 2021, will be unprecedented."
Guernsey Finance Chief Executive Rupert Pleasant said it was a great honour to be recognised once again for the continued strength of the island's captive insurance sector.
"Our track record demonstrates that Guernsey has been the leading EU domicile for captives for decades, and we will continue to show excellence in the sector to maintain that position," said Mr Pleasant. "Nowhere matches our combination of expertise, experience, market proximity and regulatory environment."
Another Guernsey winner at the awards was Ravenscroft, named Investment Specialist of the Year.
Jon Pope, Ravenscroft's Cash Management Director, said: "Providing cash management solutions to the captive industry is something we have been doing for more than 25 years and so to receive independent recognition of our expertise is fantastic, particularly after such a challenging and unusual year. Our award, together with Guernsey being named as European Domicile of the Year, really shows the skills and expertise that can be found in the island."
Peter Child, Chairman, Guernsey International Insurance Association Marketing Development Committee
Guernsey's first captive was formed in 1922. The island has more than a third of all captive insurance business in Europe, with more than 300 structures active there. The island saw a rise in captive formations in 2019 to 11, more than double the number of new structures recorded in 2018, with more expected in 2020.
For a full list of winners, click here.