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There is growing optimism that the United Kingdom government will press ahead with a public consultation on introducing a bespoke captive regime.

HDI Global will be stepping up its presence in the United Kingdom and Ireland captive market in the coming months with a more targeted approach on new programmes.

In this GCP Short, Richard checks in with the HDI Global team to find out how their expansion into the UK and US captive fronting markets is progressing.

Oliver Davies has been appointed chief distribution officer at HDI Global for UK and Ireland, as he continues to build out the industrial insurer’s captive services locally.

While McGill & Partners is focused on broking for large, complex accounts, the prospect of a UK captive regime and further progress at Lloyd’s could tempt the firm into offering captive management services domestically, according to Stephen Cross, group COO & head of innovation & strategy.

While the Labour election victory on 4 July is expected to delay progress on the proposed United Kingdom captive legislation, local industry has not given hope of pushing the new framework through.

While the Lloyd’s Captive Syndicate proposition is mostly appealing to the largest, most sophisticated clients it provides an environment for insureds to future proof their risk financing strategies, according to William Thomas-Ferrand, international captive practice leader at Marsh Captive Solutions.

The London Market Group (LMG) is planning to deliver a market-backed letter to the next Chancellor urging the continuation of the current government’s commitment to introduce a captive regime following the UK general election on 4 July.

News that UK Prime Minister Rishi Sunak is calling an early general election could delay progress on the introduction of captive regime in the United Kingdom.

The potential introduction of a UK captive regime would bring risk financing tool further into the mainstream and may potentially mean more companies, rather than less, will look to utilise neighbouring domiciles such as Guernsey.