Peter Carter, head of captive & insurance management solutions at WTW, is confident his team will form one of the first captives under the United Kingdom’s new regulatory regime next year.
The consultation period for the proposed rules closed on 14 October, and Captive Intelligence understands several managers and advisors have strong candidates interested in either re-domesticating existing captives or forming new ones.
Speaking in an exclusive interview on the latest episode of the Global Captive Podcast, Carter said the UK is in a strong position to move fast because there is already so much insurance infrastructure in place.
“The way we look at it for the UK, we have already significant operations dealing with the insurance ecosystem,” he said on the podcast.
“Not necessarily captives, but dealing with the wider insurance ecosystem here in the UK with hubs in London and in Ipswich. So from a capability perspective, we’ve got all the ingredients in place.”
He added that broker education and raising awareness across the UK business about captives remained a priority for his team to ensure prospective candidates are identified, particularly in forming new captives.
“The main thing we need to do as a captive team is continue to communicate as we have been to colleagues and our clients here in the UK about the opportunity and where there are use cases that really make sense, make sure that we’re alerting clients to that fact and hopefully getting on the case,” he said.
“We’ve got a pipeline and a solid candidate to go hopefully as soon as the regime’s up and running. We’re looking forward to that, but you can’t do enough communication about the opportunity.”
Listen to the full interview with Peter Carter on the Global Captive Podcast here, or on any podcast platform. Just search for ‘Global Captive Podcast’.