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