News that the UK government has launched a captive consultation has been welcomed by CICA president Dan Towle who believes it could signal a “new era” in Europe for the sector.
Captive Intelligence reported last week that Chancellor Rachel Reeves MP had launched a three-month consultation on whether a bespoke captive regime should be implemented in the UK and what it should look like.
“We are pleased to see the UK further explore becoming a captive domicile,” Towle told Captive Intelligence. “This is a significant development for our industry.”
Speaking at the European Captive Forum in Luxembourg last year, Towle hailed the ‘Golden Age’ of captive insurance as more large European nations introduced captive friendly legislation.
At the time, France had recently enacted its captive framework while the first Italian captives were being formed.
France has continued an unprecedented growth period for Europe in 2024, while the third Italian captive was formed earlier this year.
Talks continue in Spain facilitate captives, while the UK is seen as a potentially significant domicile should a proportional regulatory environment be achieved.
“If the UK becomes a captive insurance domicile, this will potentially mark a new era in captive development for Europe,” Towle added.
“We look forward to watching this closely and plan to offer our support. We welcome one of the most respected insurance markets in the world to join the captive industry.
“They would join the growing group of European nations that have recognised the importance and credibility of the captive industry.”