The Airmic Guernsey Conference, held at St Pierre Park Hotel on 22 September, explored the evolving role of captives as a strategic risk tool, rather than a niche solution, in response to an increasingly complex risk environment.
Titled “Resilience by design: navigating complexity in 2026 and beyond”, the discussions explored how captives are being used in practice to address the challenges presented by geopolitical uncertainty, cyber risk, AI and climate change. They also highlighted how organisations can evolve to build greater resilience into their business models, improving their ability to anticipate and protect against emerging risks.
The first panel session, focused on “The impact of the geopolitical environment on the corporate world”, was led by Lieutenant-Governor of the Bailiwick of Guernsey, General Sir Richard Cripwell. Speakers stressed that businesses must move beyond viewing risks individually and instead understand how disruption can cascade across entire operational ecosystems, as global dependencies across the supply chain converge.
“The risk map is no longer linear. I think it’s much more interconnected and holistic,” said Dr Raveem Ismail, Founder and Chief Executive of Oxford Specialty.
Scott Livingstone, International Adviser at NatWest Group, added that organisations should seek to develop more-agile planning cycles to keep up with the rapid pace of geopolitical changes.
He said: “I think companies do need to look at the risk management model they had last century. Is it fit for this century? What will they do about it?”
Real-world captive case studies were examined in further detail by managers of Guernsey-based structures in the second panel. The conversation highlighted how they are no longer simply used to retain and finance traditional risks but are now often fundamental for companies in sectors that are harder to insure – such as crypto – to manage emerging risks and access reinsurance capacity. This speaks to a broader trend observed in the current market, as boards are increasingly being encouraged to consider captives not only as risk financing tools, but also as a means to gather data, support decision-making and help them assess emerging exposures before determining whether they should ultimately be retained or, where possible, transferred.
In a panel session on what successful governance looks like, speakers from across insurance, regulation and compliance agreed that good captive governance depends on engaged, diverse and knowledgeable boards that understand the captive’s purpose, challenge assumptions and maintain effective oversight of its strategy and service providers.
Cleo Curl, Group Insurance Director at Landsec, said: “You can’t outsource accountability. You can outsource the service providers. So, the board needs to really understand what it is they’re looking at, and when they don’t understand it, they need to ask. They need to keep asking until they understand.”
Proportionate, risk-based regulation was identified as another important element, enabling well-managed captives to operate efficiently without compromising regulatory standards or policyholder protection.
The Guernsey Financial Services Commission (GFSC) and Guernsey’s wider insurance ecosystem received high praise across the discussions for the island’s streamlined captive establishment process.
Airmic’s newly appointed CEO, Diane Maxwell, said in her opening address: “It’s not just about a good regime; it’s about a good regulator who is available and engaged and listening.”
As Guernsey seeks to further expand its insurance business into the US, William Mason, Director-General of the GFSC, provided an update on the island’s application for Qualified Jurisdiction Status to the National Association of Insurance Commissioners.
He explained that the process is expected to last approximately 15 to 18 months and, if secured, could make it easier for Guernsey-based firms to provide reinsurance capacity to the US market, in addition to the annual £1.5 billion they already write. The application is therefore intended to support further growth in line with Guernsey’s Finance Sector Strategy, and potentially contribute to more competitive insurance premiums.
The programme’s final panel session concentrated on “2030 and beyond: What does the captive of the future look like – building new insurance capacity from gap to opportunity”. Succession arose as a prevalent theme, with the importance of passing on essential technical knowledge to the next generation of insurers through initiatives such as apprenticeships cited as a key priority.
Will Thomas-Ferrand, Global Leader of Captive Solutions at Marsh, said: “Every person entering the captive industry right now, you are entering at an amazing time, a really amazing time, when captives are such an important part of the risk management environment.”
This panel reiterated captives’ potential to aggregate risks, generate data and insights, incubate emerging exposures and connect organisations with reinsurance or alternative sources of capital. They also stressed the importance of aligning business strategy, risk management and risk financing, supported by people who can combine insurance knowledge with data, modelling, analytics and corporate finance skills.
Neil Campbell, Consultant at SRS, summarised: “By that, we mean moving away from just using a captive to infill deductibles or participate on programmes, but to put the captive at the heart of the insurance strategy.”
As the UK works on implementing its own captive regime, Guernsey’s century of specialist experience positions the jurisdiction well to shape the next phase of innovation in the sector.
