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Europe’s 2025 outlook driven by domicile competition, regulatory reform & ESG  


  • Upcoming Solvency II reform to provide regulatory relief for EU captives 
  • Desire to avoid a “war of domiciles” as new entrants continue 
  • Captive utilisation expected to increase for emerging and ESG-related risks 

2024 was another success for the European captive market, which saw captives continue to blossom, with this trend expected to continue into 2025 and beyond.

There was a growing narrative and possibility of countries such as Spain, Germany and the UK implementing a captive regime or at least licencing new captives. 

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Watkins Associated Industries exits commercial insurance, reverts to captive 

AM Best has withdrawn its ratings from Tennessee-domiciled Centerline Insurance Company after its parent, Watkins Associated Industries, opted to cease underwriting commercial insurance. 

Before withdrawing the ratings, AM Best affirmed Centerline’s financial strength rating of ‘B++’ (Good) and the long-term issuer credit rating of “bbb+” (Good). The outlook for the ratings is stable. 

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Aon and EBRD launch €110m fund for Ukraine using Guernsey White Rock facility 

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. 

A cell within one of Aon’s White Rock cell companies is being used to facilitate the fund. 

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

MAXIS GBN launches educational toolkit for financial wellness 

MAXIS Global Benefits Network has launched a new educational toolkit focusing on financial wellness. 

The toolkit aims to equip multinationals with everything they need to educate their people on financial wellness and support them in altering their relationship with money.  

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

GCP Short: Preparing for the 2025 captive landscape

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Mikhail Raybshteyn, EY
Vittorio Zaniboni, EY

The first GCP Short of 2025 is produced in partnership with the ⁠EY Global Captive Network⁠ and hosted by me, Richard Cutcher.

Richard is joined by Mikhail Raybshteyn, Americas Captive Insurance Services Co-Leader at EY, and Vittorio Zaniboni, Captive & Insurance Excellence Leader for EY in Luxembourg.

Mike and Vittorio reflect on captive activity in 2024, and share their views on what to expect and look out for in 2025.

Topics include the continued domicile evolution in Europe, and how that might progress further this year, as well as the potential ramifications of a second Trump term and whether state-based self-procurement taxes may rear their head again in 2025.

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Kristen Peed confirmed as 2025 RIMS president

Experienced captive operator Kristen Peed has been named the new president of RIMS, the risk management society, for the 2025 term.

Peed, head of corporate risk at human resources technology platform Sequoia, is responsible for the firm’s corporate insurance programmes, claims management and risk mitigation strategies.

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

AM Best assigns rating to Repsol captive 

AM Besthas assigned a financial strength rating of ‘A-‘ (excellent) and a long-term issuer credit rating of “a-” (excellent) to Luxembourg-domiciled Gaviota Re S.A. The outlook for the ratings is stable. 

Gaviota is the single parent captive owned by Repsol S.A., a Spanish multi-energy company engaged in worldwide upstream, downstream and low carbon generation activities. 

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

DARAG sells North American and Bermuda entities to RiverStone 

Legacy carrier DARAG Group has completed the sale of its North American and Bermuda business entities to the RiverStone Group, following regulatory approval. 

DARAG has been a significant player in the captive legacy space, both in the Americas, Europe and offshore region, but will now focus on its European business. 

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Bigglestone appointed acting commissioner for State of Vermont

Sandy Bigglestone, deputy commissioner of Vermont’s Captive Insurance Division, will become acting commissioner for the State’s Department of Financial Regulation (DFR) from 1 January.

Governor Phil Scott has named Bigglestone following the retirement of incumbent Commissioner Kevin Gaffney.

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.

Augment Risk launches captive and ART offering led by Steve McElhiney

Augment Risk has appointed Steve McElhiney as partner of its newly created captive and alternative risk transfer (ART) solutions offering. 

Based in Dallas, McElhiney will develop Augment Risk’s legacy solutions within the captive space, identifying opportunities to repurpose micro captives and explore initiatives with various capital providers. He will also extend the firm’s captive capabilities to MGAs.

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Captive Intelligence provides high-value information, industry analysis, exclusive interviews and business intelligence tools to professionals in the captive insurance market.