A lens on innovation

Rupert Pleasant, Chief Executive of Guernsey Finance?

Average read time: 5 minutes?

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Guernsey’s value to UK economy showcased at UK party conferences?

Having just returned from Birmingham to attend my second party conference in the last two weeks, it feels like an apt time to reflect on how Guernsey as an international finance centre is positioned to support the UK’s growth and net zero ambitions.??

The final week of September saw Guernsey Finance Communications Director Rosie Allsopp and I head to Liverpool for the Labour Party conference along with a delegation from the States of Guernsey.??

Highlights from the conference include engaging with Emily Thornberry, Chair of the Foreign Affairs Select Committee, Ed Miliband, Secretary of State for Energy Security and Net Zero, BBC journalist Nick Robinson, the Secretary of State for Foreign, Commonwealth and Development Affairs, the Rt Hon. David Lammy, the MP for Rhondda and Ogmore, Sir Chris Bryant, the MP for North East Somerset and Hanham and Mayor of the West of England, Dan Norris, Lorraine Beavers, the MP for Blackpool North and Fleetwood.??

A private roundtable breakfast hosted by Guernsey Finance at Labour conference was attended by Lord Ponsonby of Shulbrede, Parliamentary Under-Secretary of State in the Ministry of Justice, whose responsibilities include the Crown Dependencies, Lord Faulkner of Worcester, Deputy Speaker of the House of Lords, as well as representatives from think tanks and industry.??

The conference also provided an opportunity to gift a plushy Guernsey cow to Tulip Siddiq MP, Economic Secretary to the Treasury. The delegation is gifting cows and donkeys, which contain links to information on Guernsey’s financial services industry and credentials as a global leader in sustainable finance.?

Following a short break back in Guernsey, we headed to Birmingham for the Conservative Party conference, which has provided another valuable experience to listen, learn and hear more from the four candidates who each hope to become the next leader of HM’s Opposition.?

Our delegation, which included Guernsey Finance Chief Executive Rupert Pleasant, Chief Minister and GF Chairman Lyndon Trott and Lead Member for External Relations & Constitutional Affairs Deputy Jonathan Le Tocq, hosted a round table breakfast attended by senior members of the Conservative Party, including Baroness Neville-Rolf, Dame Harriet Baldwin MP, former Solicitor General Robert Courts KC, Oliver Cooper of law firm CRS – who is also running the campaign for leadership hopeful Kemi Badenoch -? and senior representatives from industry.??

It provided a golden opportunity to reaffirm positive relationships and to tell the compelling story of Guernsey and the value it provides, as a key member of the British family, to the UK economy to a group of people from across the political spectrum who influence the policy debate.?

As Guernsey’s contribution to the UK economy grows, party conference season offers the opportunity to make UK policy makers aware of the pivotal role Guernsey has in supporting the City of London as well as the wider nations and regions of the UK.?????

At both conferences, we were able to outline Guernsey’s significant contribution to the UK’s economy, our robust and world leading regulatory regime and to demonstrate the ways in which Guernsey as global leader in sustainable finance aligns with the new Government’s net zero ambitions.???

Guernsey’s innovations in insurance prove fruitful?

I was delighted to be in Monte Carlo last month for the 66th Rendez-Vous de Septembre, which featured the annual Guernsey Champagne Reception at Hotel Hermitage.?

It was great to hear from Eric Andersen, President of Aon, as our keynote speaker, especially his very positive thoughts about Guernsey.???

One quote stood out to me: “A lot of the innovation that makes its way across the entire firm starts in Guernsey.? It is a place where we will continue to invest in, a place we're going to continue to look to for leadership and how we drive our business forward.”?

Just over a week before the event, a new $45.5 million Randolph Re private catastrophe bond was launched by Aon using the firm’s protected cell company White Rock Insurance Company PCC Limited, marking the first time a catastrophe bond has been issued using a Guernsey PCC structure.?

Guernsey is becoming the go-to jurisdiction for providing innovative solutions to manage and insure catastrophe bonds, following earlier work with the Danish Red Cross and IFRC. Speaking of the IFRC deal, for the first time, a payout for the fund has been triggered as demands for disaster relief surpassed its ‘deductible’ threshold.?

In 2023, the International Federation of Red Cross and Red Crescent Societies’ DREF (Disaster Response Emergency Fund) was insured on an indemnity-basis. The first-of-its-kind transaction was enabled through White Rock Insurance PCC Limited, a Guernsey protected cell company managed by Aon Insurance Managers.?

The insurance tool is the first indemnity-based reinsurance model to be developed within a Humanitarian Disaster Risk Finance context. So, many firsts for Guernsey and a clear demonstration of the value of building resilience through public-private collaborations in the humanitarian sector.?

What’s coming up??

With less than two weeks to go until the Guernsey Private Wealth Forum 2024, the Guernsey Finance team is very much looking forward to hearing from our stellar lineup of speakers .??

Our special guest for this year is Steven Bartlett, British entrepreneur and host of Europe’s No. 1 podcast Diary of a CEO. Steven is one of the most exciting young entrepreneurs the UK has seen in quite some time, and I am very much looking forward to discussing his life and career during our fireside session.?

The sold-out event, titled Wealth in Transition, will explore the nature of change within families across the globe, with panellists sharing their expertise in succession planning, upholding legacies, and cross-border financial planning.???

Next month will see our business development representatives host several roadshows across the UK, USA, the Middle East and Asia to promote Guernsey’s expertise in facilitating financial services in these jurisdictions.??

We will also be hosting our very first London-based Guernsey Sustainable Finance Seminar on 20 November, focusing on emerging sustainable finance trends where Guernsey has expertise, including sustainable investment, biodiversity, disaster response and humanitarian aid.??

Themes include global perspectives on net zero and Guernsey's unique expertise as a leading jurisdiction for sustainable finance.?

So, definitely an action-packed few months as we head towards the end of 2024. I hope to see you at one of our events soon.?

With best wishes, Rupert.?