The captive insurance business has been practised in Jersey by local firms but Heritage, which has wide experience in Guernsey, has become the Island’s first resident company to provide a dedicated service.
Heritage’s Jersey director, Richard Packman, said the move would help to bolster the Island’s captive management industry – a vehicle for large organisations to set up their own mini insurance companies.
He explained: ‘It potentially saves companies a lot of money and they benefit from any underwriting profit.
‘It saves them using insurance companies and is a more effective structure for major organisations – although full-blown captives are really for the top 100 or 250 FTSE companies.
