The risk association has created a new federation dedicated to representing the interests of the country’s captive owners
Amrae has announced the creation of a new federation for French captive owners. The federation represents the interests of the corporate captive owners and will promote these in public debate and support projects for the creation and deployment of captives in France.
”Faced with the emergence of exceptional and systemic risks, in a context where the insurance market no longer responds to business needs, whatever their size, AMRAE reaffirms its interest in the role of re/insurance captives in improving business resilience and, consequently, strengthening the French economic fabric,” it said in a statement.
As part of the vision, Amrae will continue its work to make captive insurance vehicles more accessible for French corporates, in particular small and medium-sized enterprises.
Over 50 French companies decide to set up a captive in 2021, many of which have requested approval from European regulators to domicile these risk retention vehicles outside of France.
Amrae says it “regrets” the lack of a conducive regulatory environment that would allow these captives to be retained onshore in France and is pushing for more favourable legislation to be introduced as part of the 2022 Finance Bill.
“The Association nevertheless appreciates the constructive dialogue conducted over the past three years with the public authorities and welcomes the progress of their work on the subject,” it added. “AMRAE remains confident in a favourable outcome of the notification made by the European authorities, of a draft measure for French captives.
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