Captive domiciles in Europe are seeing an increasing amount of interest and even redomiciling from a wide range of companies and organisations.
Captive growth in Europe, both onshore and offshore, is increasing and will continue to do so for a while, especially as the current hard market continues, a panel at CICA 2023 told delegates.
Panellists Udo Kappes, head of insurance at RWE and head of ECIROA, Elizabeth Carbonaro, regional managing director for Western Europe at WTW, and moderator Alex Gedge, senior captive consultant at Hylant Global Captive Solutions, discussed the developments in the session titled 'The view from across the pond'.
They highlighted developments such as captives redomiciling back into their home countries due to various local developments. For example, France-based captives in Luxembourg shifting back to France. However, they stressed that there was no danger to these domiciles, which retain their strength of expertise in captives.
Carbonaro said that a significant number of cell captives were
being set up in Europe, with Kappes adding that regular captives
are also being set up.
Both predicted that this growth will continue, as it makes sense
for companies to create captives and that many existing captives
will be used more fully, especially as areas of concern for the
market, such as cyber, need to be dealt with.
Europe, CICA 2023 Annual conference, Captive, Insurance, Reinsurance, Global, Panellists Udo Kappes, Elizabeth Carbonaro, Alex Gedge
Source: Captive International
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.