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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).

Richard is joined by London-based Stephen Massey, insurance tax specialist at Ernst & Young LLP, to discuss how the international tax treatment of captives has changed over the years and possible consequences of a UK captive regime.

There was an optimistic tone to conversations concerning the potential UK captive regime at the Airmic conference this week, as industry readies itself for further engagement with regulators.

Confidence is growing that the Treasury will proceed with the introduction of a bespoke captive regulatory regime for the United Kingdom, with a decision anticipated by May this year.

An effective captive regime in the United Kingdom could accelerate growth of the country’s insurance market, according to Chris Lay, CEO of Marsh McLennan UK.

The United Kingdom has the potential to become a “destination domicile” for captives, according to Caroline Wagstaff, CEO of the London Market Group.

Airmic, the UK’s risk and insurance management association, has submitted its response to the Government’s consultation on whether to establish a regulatory regime for captives.

Aon and the European Bank for Reconstruction and Development (EBRD) have launched a €110m (£90.7m) guarantee scheme to provide reinsurance capacity for war-related risks in Ukraine. 

France’s dramatic entrance into the captive market has been the standout captive story of 2023 and 2024, and the United Kingdom has a similar opportunity if the government grasps it in 2025.

Allianz Commercial has promoted Allie Chadwick to regional head of multinational in the UK, effective immediately.