Chancellor Jeremy Hunt has announced a consultation on the creation of captives in his Autumn Statement, highlighting the Government’s support to boost this section of the UK insurance market. The consultation will begin next year.
Tucked away on page 99 of the Autumn statement, it said: “The government will consult on the design of a new framework for encouraging the establishment and growth of captive insurance companies in the UK. The consultation will launch in Spring 2024.”
Caroline Wagstaff, CEO of the London Market Group, welcomed the announcement. She said: “The London Market Group 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.
“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. We look forward to working closely with the government and regulators to ensure the UK remains a highly competitive insurance centre.”
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