GUERNSEYFINANCE chief executive Peter Niven has moved to set the record straight on the efforts being made to make the island a home for reinsurance business.

He said that a wide variety of activity had been undertaken over the past three years by the regulator and the industry, together with GuernseyFinance, in a bid to attract reinsurers to the island and this was paying dividends.

His comments come after captive insurance expert Callum Beaton told Chamber of Commerce members he backed the general promotional work being carried out by GuernseyFinance for the various sectors of the finance industry, but the reinsurance market needed a more targeted approach.

‘Unfortunately, I wasn’t in Guernsey to hear Callum’s presentation because I was actually promoting the island’s captive insurance and also reinsurance sectors at a specialist trade conference, AIRMIC, taking place in Bournemouth,’ said Mr Niven (pictured).

‘I am very pleased to hear that Callum was endorsing the work of GuernseyFinance in generally promoting the island as a centre of excellence for financial services. However, I am concerned that we were not given the full picture on what has been happening with reinsurance.

‘In particular, there seemed to be no mention of the work that the regulator and the industry have been undertaking, in conjunction with GuernseyFinance, to make the island a home for reinsurance business.’