GUERNSEY’s capabilities as a reinsurance domicile were highlighted during two conferences in London last week.

The Guernsey Insurance Forum 2008 and a seminar entitled ‘Destination Reinsurance: Guernsey – an alternative to Bermuda?’ both caught the eye, according to Peter Niven (pictured) , chief executive of GuernseyFinance.

He said it had been a very good week for Guernsey’s international insurance industry.

‘We have seen from both these events that Guernsey’s insurance sector is still buoyant and in good shape. The continued strength of the island’s capabilities has been reaffirmed by captive managers and we are stepping up our expansion as a reinsurance domicile, particularly in the light of the new regulations.’

At the reinsurance seminar, it was announced that the Guernsey Financial Services Commission had been working closely with Lloyd’s to identify an appropriate structure that would facilitate the growth of the latter’s business in Guernsey.

To this end, new regulations were approved by the States on 3 November and signed by the commission’s chairman on 7 November. The new framework will allow Lloyd’s syndicates to establish a physical presence in Guernsey which will operate under the island’s insurance manager regulatory framework.