From: Captive Intelligence
The UK government will launch a consultation on the design of a new captive framework in spring 2024, with the aim of “encouraging the establishment and growth of captives” in the United Kingdom, according to today’s Autumn Statement by the Treasury.
In September, a delegation of captive specialists met with the UK government’s previous City Minister, Andrew Griffith MP, at the Treasury to discuss the potential introduction of a captive regime.
The delegation and meeting was organised by the London Market Group (LMG) and Griffith and included captive owners, brokers, insurers and the wider risk management community.
“The LMG is delighted by the announcement today by the Treasury that it will consult on the creation of a UK captive regime by spring next year, taking on board the recommendations within our Plan for the Future,” said LMG CEO, Caroline Wagstaff.
Wagstaff said that as the global centre for risk transfer, London needs to be able to offer “all the tools in the toolkit”, so this is a “great step forward”.