London Market Group renews London captive regime appeal
Caroline Wagstaff, the chief executive of the London Market Group (LMG), has appealed to whoever wins the next general election in the UK to not forget the LMG’s call for a UK captive-friendly regime to be put in place.
On Wednesday May 22 Prime Minister Rishi Sunak announced that there will be a General Election in the UK on July 4, surprising many with an earlier date than they had expected.
“Our data shows that London is the leading risk transfer market in the world. We very much hope the next government helps us to capitalise on that by ensuring that we can offer clients all the tools in the tool kit and rapidly progressing a UK captive regime,” Wagstaff said. “It is a quick win for demonstrating a commitment to growth and competitiveness and would make an important contribution to the UK economy.”
Earlier this week the LMG renewed its calls to accelerate the drive to open a captive insurance sector in the UK.
The call came in the trade organisation’s annual “London Matters” report, which was released on Monday. The report’s authors said the London market employed 60,000 people and its contribution to the UK economy had increased by 26% to nearly 50 billion pounds between 2020 and 2023. But it also warned that competition was fierce and the market needed to continue to innovate in order to retain its position as the world’s largest specialty insurance market.
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