GUERNSEY’S biennial captive insurance conference in London last month successfully conveyed its dominance in the industry. There were 20 exhibitors, including captive insurance providers ranging from large players to independent boutique operators, the big accountancy firms and leading Guernsey law firms. More than 170 delegates attended, a third more than in 2005. More than two-thirds came from outside Guernsey, with some from as far afield as Cuba and Dubai.

‘It was a fantastic day,’ said David Riley, chairman of Guernsey Insurance Company Management Association, which put on the event with GuernseyFinance.

It was hosted at the Queen Elizabeth II Conference Centre in Westminster.

Mr Riley said Guernsey practitioners had succeeded in reinforcing the island’s reputation of being at the cutting edge of developments in the industry. Delegates were able to learn about the ongoing enhancements to the jurisdiction’s infrastructure, including the advancement of new types of insurance vehicles such as cells and companies, he said.

‘It re-emphasised the ongoing tradition of innovation in the industry,’ he said.

The conference followed the publication of a report by risk and insurance services firm Marsh that revealed half the captives established by UK companies were based in Guernsey.

‘There could hardly be a better time to be demonstrating to these key insurance decision makers based in the UK and beyond why Guernsey is the jurisdiction of choice for so much business,’ added Mr Riley.

‘The networking time also provides an ideal opportunity to establish new and reinforce existing relationships.’

The conference was staged by GICMA in conjunction with the event management arm of CMA Public Relations. Chair of the organising committee Merise Wheatley delivered the opening address.

Gordon Dickson, of the Medical and Dental Defence Union of Scotland, chaired the conference, with the keynote speech coming from the Daily Telegraph’s editor-at-large Jeff Randell, who talked about business risks.

The conference marked 21 years since Guernsey introduced its regulatory framework for captives and the 10th anniversary of its launch of the protected cell company concept to the world.

The day concluded with a discussion on whether Guernsey would still be Europe’s biggest offshore insurance domicile in 20 years. In a show of hands before the debate, the majority believed it would retain this position and in a similar poll afterwards, there was even greater support.

On the panel was Hugh Rosenbaum, of Tillinghast Towers Perrin, Peter Berring, of De La Rue, Richard Tee of Heritage, and former GFSC insurance director Steve Butterworth.