London Transport Insurance (Guernsey) Limited

Meeting: 
MQT on 2014-09-17
Session date: 
September 17, 2014
Reference: 
2014/3109
Question By: 
Stephen Knight
Organisation: 
Liberal Democrats
Asked Of: 
The Mayor
Category: 

Question

Have you evaluated the costs and benefits of relocating Transport for London's insurance subsidiary - currently based in Guernsey - to the UK mainland?

Answer

Answer for London Transport Insurance (Guernsey) Limited

Answer for London Transport Insurance (Guernsey) Limited

Answered By: 
The Mayor

The purpose of London Transport Insurance (Guernsey) Limited (LTIG), as set out by Government when it was established in 1994, is to minimise the cost of insurance to TfL. 

Guernsey was selected as the best domicile to provide the required regulation while also keeping administrative costs down. Guernsey is one of the leading domiciles for insurance subsidiaries of major UK organisations, such as Network Rail, Diageo and BP.

Relocating LTIG to the UK mainland would add considerably to its administrative costs while offering no benefit to TfL or stakeholders.