If specific captive legislation is passed into law in Italy, there could be a swathe of Italian companies redomesticating or forming new captives in the country.
“We are sure that in the presence of a regulatory change favourable to the management of a captive in Italy we could have a real mass return or formation of new captives,” Carlo Cosimi, president of the Italian Association of Risk Managers (ANRA), told Captive Intelligence.
“In France, in just one year since the introduction of the new legislation, sixteen captives have already been registered.”
Cosimi said ANRA has previously held preliminary discussions regarding captive legislation with the Italian regulator.
“As ANRA we are available at any time to support the regulator or the Italian government in defining a proposal to change the legislation,” he said.
Last month, Italy licensed its first reinsurance captive for Enel S.p.A, and Aon is the captive manager for the new reinsurer.
Enel is an Italian multinational manufacturer and distributor of electricity and gas, which already owns Enel Insurance NV, domiciled in the Netherlands.
Last week, Multinational cable specialists Prysmian Group SpA received its authorisation for Italy’s second captive reinsurance company, which it plans to merge with its existing Dublin captive.
Captive Intelligence understands Prysmian Riassicurazioni will be self-managed with Alessandro De Felice, chief risk officer at the parent group, appointed CEO of the captive.
Captive Intelligence reported in January 2023 that several Italian-owned captives had begun discussions with IVASS on the possibility of re-domesticating captives back home.
“It is certainly good news that a foreign captive of an Italian group has been re-domiciled in Italy, although a specific license reserved for captives is still missing,” Cosimi said.
“As ANRA, we look carefully and favourably on this development, and we are willing to support any action to convince the Italian Regulator to change the legislation on insurance and reinsurance in this regard.”