France could reach 30 captives this year

France could see a number of new captive formations this year, potentially taking it to 30 captives domiciled in the country by the end of the year.

That was the claim of Marine Charbonnier, who leads AXA XL's Captives & Facultative Underwriting in APAC & Europe, speaking to sister title Captive Review ahead of the European Captive Forum in Luxembourg this week.

She discussed how the group has contributed to France’s rapid growth in captive numbers since new legislation was passed in 2023.

As of the end of October 2025 three new reinsurance captives had been formed in France this year, taking the number of captives in France up to 23. There were five new captives formed in 2024, as the total number of captives rose from 15 to 20.

However, Charbonnier said that approximately ten additional applications are under review with the French financial regulator, the ACPR.

“We anticipate that the number of captives in France will reach around thirty in the coming months,” she added.

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