Some more feedback on Rachel Reeves plans for Captives;
Christopher Croft, Chief Executive, LIIBA, comments:
“LIIBA welcomes the Chancellor’s announcement that the government is going to progress the work to build a captives regime in UK. This will provide a valuable alternative for our members when seeking the optimal outcome for their clients’ risk management needs. It should also consolidate London’s position as the risk management capital of the world by ensuring all necessary solutions are achievable here. But, as previous experience has shown, the regime will only deliver success if the technical framework is complemented by a culture within the regulators focused on making it work. We look forward to working with FCA and PRA to ensure this.”
IUA
This comment comes from Stephen Cross, head of strategy and innovation at McGill and Partners;
“This is an exciting and important step forward for the UK insurance market. With a strong captive insurance framework in place, the UK is in a prime position to potentially become the world’s leading insurance domicile for captives over the next decade.
London offers a unique mix of capacity, expertise and infrastructure you simply can’t find anywhere else. For UK and international companies, this creates a compelling onshore alternative that makes sense both strategically and operationally.
It’s a smart move that will attract investment, create jobs and strengthen national resilience in our post-Brexit economy. As part of this new chapter, we are carefully reviewing the legislation to determine optimal strategies for organizations to benefit from this new captive insurance regime – and stand ready to support our clients.”
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