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WTW has appointed Edwina Leclere as associate director of captives and insurance management solutions for France, to lead growth in the region and establish a captive management team based in Paris.

The French Prudential Supervision and Resolution Authority (ACPR) has granted approval for Bel Re and Agrial Réassurance, respectively, granting the two captive licences of 2025.

French equipment manufacturer, Petzl has formed the country’s latest reinsurance captive, PETZL RE S.A.

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.

AM Best has affirmed the financial strength rating of A- (excellent) and the long-term issuer credit rating of “a-” (excellent) of Ireland-domiciled Greenval Insurance Designated Activity Company. The outlook of these credit ratings is stable.