AMSTERDAM–(BUSINESS WIRE)–#insurance–There has been an uptick in the number of captive insurers in Europe, as existing domiciles remain popular and other jurisdictions work to attract fresh companies, according to new analysis from AM Best.
A new Best’s Market Segment Report, “Captive Insurer Numbers Set to Grow in Europe as More Jurisdictions Seek to Lure Companies”, notes that the hard commercial insurance market continues to drive corporates to consider captive insurance opportunities. However, outward reinsurance capacity for captives remains tight and pricey. AM Best expects the 2024 renewals to remain challenging.
In addition to the established domiciles in Europe, some larger European countries which have traditionally not had many captives – including France and Italy – are making a push to be more attractive to captives, especially those established by domestic companies.
Meanwhile, proposed Solvency II amendments, expected to come into force from January 2026, should lead to a more streamlined, proportionate, and risk-based prudential process for European Union-domiciled captive entities, according to the report.
To access a complimentary copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=337413.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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