France’s captive regime has taken its total to 14 captives, including four new entities this year after reinsurance captives were formed for Chantiers de l’Atlantique and France’s Professional Football League.
Captive Intelligence has reported extensively on French captive activity over the past 10 months as new enabling legislation was passed, including the introduction of an equalisation provision, and new captives for the Naval Group and Limagrain.
The latest reinsurance captive formation appears to be CDA Reinsurance, owned by Chantiers de l’Atlantique, one of the largest shipyards in the world based in Saint-Nazaire.
Captive Intelligence understands CDA Reinsurance was established on 30 August, but is now waiting an insurance licence from the ACPR, the French regulator.
LFP Ré, a reinsurance captive owned by the French Professional Football League, received approval from the ACPR in July to begin writing insurance and has been established with support from Marsh France.
There is expected to be several more captives formed this year in France. Captive Intelligence understands Aon will soon complete its first captive formation in the country.
Oliver Wild, president of the French risk management association Amrae, told the Global Captive Podcast in July that the country has the opportunity to build a whole captive ecosystem now its new regulatory regime is in place.
“The major achievement is through this change we have been able to allow organisations, companies to take their own destiny in their own hands effectively, and take more control of how they manage risk and how they anticipate and prepare for negative events,” Wild said.
“The outcome is in line with what you can find elsewhere, so it means that France is now a competitive domicile compared to other countries. We have a true opportunity in that market. I expect that whole ecosystem to develop strongly in France.”