The UK government's consultation on a captive insurance framework could allow fossil fuel companies to self-insure assets no longer covered in the traditional insurance market, environmental protest group Insure Our Future has warned.

Guernsey-based Polo Insurance Managers (PIM), the independent insurance manager of PoloWorks, has unveiled the launch of a Category 4 commercial general reinsurer, Clockwork Re.

Augment Risk’s CEO Andrew Matson says his firm’s newly launched captives division will be a core business unit in contrast to the way many of its rivals treat the $200bn+ market.

Augment Risk has appointed Steve McElhiney as partner of its newly-created captive and alternative risk transfer solutions unit.

France has led new captive formations across Europe in 2023 and 2024, according to a new market segment report by AM Best.

The London insurance market is abuzz following the launch of a trio of UK government consultations, with the moves heralded as a significant step forward for the industry.

Increasing and complex supply chain risks are one of several factors behind corporations' growing use of captives, according to discussions at this year’s Federation of European Risk Management Associations (Ferma) gathering in Madrid.

David Vigier, chief commercial officer and head of captives strategy at HDI, told The Insurer TV that France’s regulatory overhaul in 2023, that led to it becoming a captive-friendly domicile, took years of lobbying from the risk management community.

The London market has welcomed the announcement that HM Treasury will consult on a UK regime for captive insurance companies, highlighting that it could provide a vital risk management tool for large corporates while bolstering the city’s competitiveness.

UK chancellor Rachel Reeves has pledged to slash red tape and push forward a long-awaited consultation on captive insurance as part of plans to drive growth and competitiveness in financial services, telling industry leaders that post-financial crash regulation has “gone too far”.