Guernsey has been named the world's fourth largest captive domicile and retains its pole position in Europe.
According to research from Business Insurance, the island still plays host to more captives than any other jurisdiction in Europe.
The survey for 2008 found Guernsey has traded places with the British Virgin Islands, which drops to fifth position, compared to twelve months ago.
The number of captives domiciled in Guernsey increased by two during the year, totalling 370 at the end of 2008.
While the BVI was playing host to 392 captives at the close of 2007, it has lost 60 over the year to end 2008 with 332 captives.
Bermuda tops the 2008 global table with an estimated 960 captives, followed by the Cayman Islands with 777 and Vermont with 557.
Meanwhile, Luxembourg comes second to Guernsey in the European table with 262 captives. The Isle of Man has 156, Dublin 131 and Switzerland 50 captives.
"Guernsey has a long and proud history as a captive domicile. We have been the pre-eminent jurisdiction in Europe for a good number of years now and it is great to comfortably retain that position," says Peter Niven, chief executive of Guernsey Finance.
The increased position on the world stage comes against a backdrop of increased competition from other jurisdictions and the soft market conditions that have prevailed, says Dominic Wheatley, chairman of the Guernsey Insurance Companies Management Association (GICMA).
A seminar on captives will be hosted BY Guernsey at the Grange City Hotel in London on 7 May. Jennifer Baudains can be contacted for more information on: +44 (0) 1481 720071 or [email protected].
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