French winemaker Baron Philippe de Rothschild has formed the latest reinsurance captive in France, BPHR Re.
The captive is based in Pauillac, Bordeaux, which is where the company’s wines are produced, and the captive has been provided with initial capital of €37,000.
Baron Philippe de Rothschild was formed in 1933, employs 600 people and exports to 150 countries worldwide.
Eric Bergman, managing director and member of the board of directors at Baron Philippe de Rothschild, is registered as chairman of the captive’s board.
The number of captives in France has gradually increased since the jurisdiction introduced specific captive legislation in June 2023, with the number of captives in France now standing at around 20.
Last month, French multinational aerospace and defence corporation Safran received approval to re-domesticate its Luxembourg captive to France.
Marine Charbonnier, head of captives and facultative underwriting for APAC and Europe at AXA XL, recently told Captive Intelligence that there are between five to 10 captives waiting for approval in France.