Long reads

The agriculture sector provides a unique opportunity for the captive industry to help organisations mitigate rising costs in the commercial market.

The utilisation of captives in Sweden and the Nordic region more widely is expanding as more organisations are made aware of the risk financing benefits.

The Internal Revenue Service (IRS) remains at a stand-off with captives making the 831(b) tax election, and there is no indication of an imminent conclusion, with some observers believing the IRS is purposely drawing out the process.

Despite being one of the biggest insurance centres in Africa, Mauritius is keen to enhance its reputation as a global financial hub and continue captive expansion in the domicile.

A swathe of new captives could form in Italy if the Italian regulator introduces specific legislation.

Switzerland has all the infrastructure to be a leading European captive domicile, but the jurisdiction could benefit from greater self-promotion on the international stage.

Further 831(b) captives in the United States are expected to shut down as a result of the proposed regulations from the Internal Revenue Service (IRS), while the popularity of cells is expected to grow further.

Companies seeking property coverage will continue to be the driving force behind captive formations in the United States in 2024, as companies look to negate rising costs and reduced capacity in the commercial market.