As well as setting up Barbican Channel Islands to service the needs of the local market, the Barbican Group has made a serious commitment to the Channel Islands by establishing its headquarters in Guernsey.

It’s a move that bucks the trend of recent years – many insurers have chosen Bermuda as their offshore domicile – and illustrates perfectly the Barbican philosophy that all decisions are made on their merits, rather than simply following the herd.

The fact that Guernsey topped the offshore comparison tables first drew Barbican’s attention, and the more the management team looked into it, the more attractive Guernsey became. Ease of access and travel was important – as CEO David Reeves puts it, “We can have a board meeting there In the morning and be in London for the afternoon". Being so close to the London market was also a key consideration for Barbican’s US investors who were happy to go against the trend of establishing a Bermudan base.

“We can compete perfectly well for North American business from Guernsey”, says Reeves. “I don’t believe that Bermuda’s proximity to the USA gives it any particular trading advantage.”

Cost was of course a key factor, with set-up costs a fraction of those in Bermuda. The legal and regulatory environment is excellent, whilst the Guernsey tax regime is naturally extremely attractive to businesses like Barbican. An enthusiastic welcome from the island's authorities helped seal the deal. Diane Colton, Director of Insurance at Guernsey Financial Services Commission, said that the regulator is “delighted that Barbican has chosen to establish in Guernsey, adding to the depth and diversity of Guernsey’s insurance sector”.

Jon Godfray, Barbican’s Chief Operating Officer, comments that "Everybody's gone to Bermuda ever the last five years. It’s fast becoming over-subscribed. Coming here, the Guernsey regulator couldn’t have been more helpful and welcoming, the broker community has welcomed our arrival and the domestic market offers us interesting and attractive opportunities.”

The structure sees Barbican Group Holdings domiciled on the island capitalising its operating subsidiary, Barbican Reinsurance Company, which In turn provides security to the (re)insurer's corporate member at Lloyd's and operates as an internal group reinsurer - as well as acting as cover holder for Barbican Channel Islands domestic business which will be written on to Barbican Syndicate 1955 at Lloyd’s.