Europe sees increase in captives onshore and offshore
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.