A licence has been issued to Lloyd’s that enables Lloyd’s underwriters to carry on insurance business in Guernsey. The licence permits general insurance business (including domestic business) to be written in or from within the Bailiwick.
Any Lloyd’s underwriter wishing to establish a physical presence in Guernsey should contact the Commission for further details of the regulatory process. Underwriters already underwriting business under the recognised insurer framework through locally licensed intermediaries will not experience any change in regulation.
Peter Neville, Director General at the Guernsey Financial Services Commission said “The Commission has been working closely with Lloyd’s over the past few months. Lloyd’s is the world’s leading insurance and reinsurance market and the granting of this licence is excellent news both for Lloyd’s and for Guernsey.”