Insurance 

Guernsey has a well established insurance sector of over 700 insurance vehicles comprising life, general reinsurance and “captives” (captives are dedicated insurance subsidiaries of non-insurance parents, formed to the parents risks). Guernsey has grown to become the fourth largest captive domicile in the world and the largest in Europe.

The principle reasons for establishing an offshore insurance company included the potential for:

  

  • cost reduction
  • risk retention, risk management and retention of control
  • stabilisation of earnings
  • greater availability of insurance cover
  • improved management of group funds
  • flexibility of regulation (compared with the equivalent onshore requirements)
  • tax efficiency and deferral, and development of a profit centre

 

KPMG is a leading professional services provider to the Insurance industry in Guernsey.

 

Our Services

 

Our team of multidisciplinary professionals offer a full range of services throughout the life cycle of an insurance company including advice in relation to the establishment of a new operation, audit and assurance reporting, tax reporting, compliance assistance and liquidation / restructuring advice.

 

Our Experience

 

We audit approximately 60 insurance entities in Guernsey, as well as providing audit services to many of the insurance managers and custodial service providers in the islands.


We offer a wide range of tax services, regularly advising on the set up of the full range of insurance structures.


Our advisory practice has advised a number of entities on insurance compliance matters as well as assisting on several insurance company restructures.

 

Our Industry Involvement

 

Tony Mancini is a member of the Guernsey International Insurance (GIIA) Executive committee which is the trade body for the industry in Guernsey. Tony chairs the Guernsey International Business Association Committee that is working with government on the ongoing corporate tax review.

 

Our Thought Leadership

 

KPMG in the Channel Islands regularly participates in KPMG’s Global Thought Leadership reports on the insurance and particularly captive insurance sector.

 

Our Network

 

We are on integral part of KPMG’s Global Insurance Practice and regularly contribute in relation to insurance reporting under IFS and the impact of the forthcoming Solvency II.

 

 

Insurance Update


IFRS – Insurance Newsletter - January 2011

 

IFRS - Insurance Newsletter - February 2011 

 

IFRS - Insurance Newsletter - March 2011  

 

 

Insurance Publications

 

The New World for Insurance: Business Perspectives on Phase II - March 2011

 

Evolving Insurance Regulation

 

 

 

Our Team

 

    Managing Director

      +44 (0) 1481 741872

      mrthompson@kpmg.guernsey.gg

   Executive Director, Audit

      +44 (0) 1481 741816

      debbiesmith1@kpmg.guernsey.gg

   Executive Director, Audit

     +44 (0) 1534 608439

     andrewquinn@kpmg.jersey.je

   Director, Audit

      +44 (0) 1481 741854

     sstormonth@kpmg.guernsey.gg

 

Liquidity  - A bigger challenge than capital
The continued bifurcation of the industry
Geographical implications and trends

The New World for Insurance: Business Perspectives Phase II

The New World for Insurance: Business Perspectives Phase II
The New World for Insurance: Business Perspectives on Phase II is based on a number of discussions with key global insurance companies from October 2010 through to January 2011.