A UK captive insurance regime will make Britain more competitive |
Chancellor of the Exchequer, Rachel Reeves gives a speech at the Mansion House Financial Services dinner at the Mansion House on July 15, 2025 in London, England. (Photo by Carl Court/Getty Images)
The Chancellor used here Mansion House speech yesterday to announce that she is creating a new domestic framework for captive insurance, aiming to attract companies back from offshore financial hubs and reinforce Britain’s status as a global leader in the insurance industry, says Chris Lay
Yesterday, as part of the UK Chancellor’s Mansion House speech, the government announced that it will facilitate the creation of a UK regime for captive insurance companies. The UK has long been recognised as a global leader in insurance and risk management. However, at present, despite the large number of captive insurance vehicles owned by UK organisations, those wishing to set up a captive have had to do so in other jurisdictions. This announcement is a positive response to the UK risk management industry’s calls for the introduction of a framework that would make it easier and more attractive for organisations to establish captives domestically.
Captive insurance is a long-established........