Davies Group Ltd. has launched a facility for captivity in Guernsey, the London-based compensation company said on Wednesday.
Davies Management Services (Guernsey) will provide captivating feasibility studies, incorporation services, program structure advice and exit strategies, Davies said in a statement.
Its launch follows approval from the Guernsey Financial Services Commission.
The operation will be led by Nick Frost, president of Davies Captive Management, a spokeswoman said in an email.
Guernsey is Europe's leading prison center with a robust regulatory environment and is benefiting from the growing demand for prisoners, Frost said in the statement.
The Guernsey operation is expanding Davies' existing prison management operations in Bermuda and the United States, the statement said.
In June 2020, Davies acquired the captured management and consulting operations of Citadel Risk Group.
In Decem ber 2020, Davies completed the acquisition of Palm Harbor, Florida-based Wakely Actuarial, a specialist actuarial and consulting firm.