The French Prudential Supervision and Resolution Authority (APCR) has approved captive reinsurance company Paris-headquartered Naval Re.
Published in the Official Journal of the French Republic, the decision will allow Navel Re to carry out its reinsurance operations in the country.
This comes after the APCR’s approval of Bonduelle Re and Groupe Seb Re in 2021 and Publicis Re and Sorelac last year.
The approval of Naval Rel follows the French government passing legislation to encourage captive insurance companies in the country.
The Association for the Management of Enterprise Risks and Insurance (AMRE) welcomed the publication of decree 2023-449 dated 7 June in the French Official Journal. This decree legally ‘recognised the resilience provisions offered by captive insurance companies.’
