The UK Government is to consult on a UK captive regime, set to launch in spring 2024. According to Treasury chancellor Jeremy Hunt’s Autumn statement, released today, the UK captive regime aims to “encourage the establishment and growth of captives in the UK.” The London Market Group (LMG) has been working with the Treasury to achieve this. This follows a roundtable considering the benefits of a UK captive insurance regime, led by city minister Andrew Griffith in September. The creation of a UK captive framework is a key pillar of the LMG’s roadmap to improve the business environment for risk transfer in the UK. It is also part of its latest ‘Plan for the Future'. Caroline Wagstaff, CEO of the LMG, comments: “The London Market Group is delighted by the announcement 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 that the UK remains a highly competitive insurance centre.”
