CMA CGM among three multinationals to form Luxembourg captives in H1 2026
French global shipping and logistics group CMA CGM has formed a new Luxembourg-based reinsurance captive.
Records show Sentinel Reinsurance was incorporated on 26 March 2026 with $70 million of share capital and registered with the Commissariat Aux Assurances on 17 April 2026. The group already has a captive domiciled in Singapore managed by Willis Towers Watson Management (Singapore), named CMA CGM Butterfly PTE.
The board of directors for Sentinel includes CMA CGM executive vice president in charge of audit, risk, efficiency, insurance and global business services Nadine Jaudet, along with vice president of group insurance Marie-Frédérique Cateau and vice president of group internal audit, risk management and internal control, Christelle Rappard.
It also includes team members of captive manager Risk and Reinsurance Solutions (2RS), Yannick Zigmann, Mathieu Delaplace and Christel Englebert.
All appointments will remain in place until the captive’s shareholders’ general meeting to be held in 2027. Sentinel’s first financial year began at incorporation, and will end on 31 December 2026. Sentinel is one of three new reinsurance captives to form in Luxembourg in the first half of 2026.
Südzucker Re, S.A, owned by German sugar producer Südzucker Group, was incorporated on 26 February 2026 with €18.5 million in share capital, while Petit Forestier Reassurance, owned by French refrigerated vehicle leasing and rental company Petit Forestier, was incorporated on 31 March 2026 with €5 million in share capital.
Südzucker Re has a four-member board of directors which features representatives from Marsh based in Luxembourg and Germany, as well as expertise in food production risk management.
Luxembourg-based Philippe Laloire represents Marsh Management Services Luxembourg on the board as the captive’s authorised manager.
Petit Forestier Reassurance’s board includes the parent company’s CEO Léonard Forestier, CFO David Sitruk, and chief risk and insurance officer Camel Sekkai, along with Nicolas Leonard, who works for Marsh Management Services Luxembourg.
Last year saw 12 new reinsurers established in Luxembourg, as the jurisdiction finished 2025 holding 204 reinsurance companies, with around 79% of these understood to be captive reinsurers.
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