AIRMIC well placed to form UK captives association
For a UK captives regime to thrive and gain traction in an increasingly competitive global landscape, the sector will need a body representing its interests. AIRMIC, with its deep links in insurance and risk management, represents the most likely and natural solution to this need, Diane Maxwell, the chief executive of AIRMIC since May, told AIRMIC Today.
The UK’s Prudential Regulation Authority (PRA) is now conducting a consultation on the captive regime, with the aim of introducing the new framework in 2027. The plans were first unveiled by the UK Treasury in July 2025, not long after AIRMIC's last event.
“We’ve already got the tools, the website, the governance. Our special interest group already operates as a sort of mini association.”
The plans have been widely praised by the UK insurance industry. Maxwell notes that AIRMIC has been working closely with both the PRA, the Financial Conduct Authority and other bodies on such a regime and will support the pending consultation on this issue. It will encourage members to feed into this consultation and has formed a special interest group dedicated to this issue. In terms of cost, expertise and ease, Maxwell believes AIRMIC to be the natural home for such a body.
“We don’t want to be creating an entirely new organisation that has to be fed and watered. We’ve already got the tools, the website, the governance. Our special interest group already operates as a sort of mini association. That might evolve into a captives association. We could continue to develop that and evolve it to support the development and evolution of that association. I think everyone thinks we need one, but no one has the resources to do one. That is the obvious solution.”
Maxwell’s own experience could help. At the Financial Markets Authority – New Zealand, she was head of stakeholder management and at the Jersey Financial Services Commission, she held the role of executive director of policy, risk and communications. She was also retirement commissioner for New Zealand for some six years.
Developing a regime for captives would also be aided by Maxwell’s regulatory experience – she has worked across financial crime, conduct and prudential, all experience which will be useful for captives. “So I quite enjoy a good piece of new regulation, a new regime. And I believe this represents such an opportunity. It sends a signal that the UK has said that captives are legitimate. That can be a game-changer for many businesses.”
She said the creation of the regime will be very relevant to many AIRMIC members, saying: “Companies once nervous about having to form such an entity in the Cayman Islands or Guernsey will now be offered a completely new perspective. We are looking at doing a learning and development programme for members thinking about a captive.
“There might be CFOs out there who are not clear how they work. So we're going to be running programmes to support members to upskill on captives to prepare us for the UK regime coming on track. Some might still locate their captive elsewhere, even though there's a UK regime. That’s OK, it is just all about making informed choices that are right for a business.”
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