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 If the UK introduces a competitive captive regime, the jurisdiction has the potential to be a bigger domicile than France, largely due to its robust insurance ecosystem, according to Stephen Massey, insurance tax specialist at Ernst & Young (EY).

There are between five to 10 captives waiting for approval in France, according to Marine Charbonnier, head of captives and facultative underwriting for APAC and Europe at AXA XL.

French multinational aerospace and defence corporation, Safran has received approval to re-domesticate its Luxembourg captive to France to form Soreval France.

The captive reinsurance market has long been on the lookout for the introduction of a dedicated French regulatory framework, with the legitimate fears it could raise for the reinsurance captive market in Luxembourg.

France has the opportunity to build a whole captive ecosystem now its new regulatory regime is in place with risk management association Amrae planning to launch a Captive Federation in September, according to Oliver Wild, president of the Association.

Captives are not new to France, with five new establishments in the past two years but updated legislation is expected to boost numbers.

Strategic Risk Solutions has opened an office in France, as expectations rise for a more captive friendly regulatory environment in the country.

As captives evolve from being an alternative risk solution to a mainstream tool, their value is increasingly recognised across the insurance landscape. Yet to secure captives’ long-term strategic advantages, a new mindset is needed.

A dynamic captive market is expanding choice for risk managers and enabling fronting insurers to better meet the needs of clients, according to Joshua Nyaberi, Head of Captive Fronting, Zurich Commercial Insurance.

Reinvesting captive dividends or plan profits into healthcare prevention, precaution and early treatment can make a significant cost mitigating impact on rising medical costs on employee benefits programmes, according to a panel speaking at Zurich’s Captive Dialogue Day on 25 June.