French equipment manufacturer, Petzl has formed the country’s latest reinsurance captive, PETZL RE S.A.
Petzl was launched by cave explorer Fernand Petzl in the mid-1970s and is a producer of climbing gear, caving gear, work-at-height equipment and headlamps, and is based in Crolles, France.
PETZL RE S.A. was registered on 12 November and began activity on 16 October.
Although the captive has set up to insure the risks associated with Petzl, Petzl Re’s listed shareholders are holding companies SAS BIG BANG and SAS ZEDEL.
Captive Intelligence reported last week that French winemaker Baron Philippe de Rothschild was the latest company to form a captive in France, while AXA XL’s Marine Charbonnier believes there are between five and 10 further applications awaiting approval.
This week,France’s insurance regulator, the ACPR, has published an information guide for the local captive market and prospective captive owners as activity in Europe’s fastest growing domicile continues to ramp up.