{"id":1716,"date":"2025-07-16T12:30:28","date_gmt":"2025-07-16T12:30:28","guid":{"rendered":"https:\/\/beijingcareer.com\/?p=1716"},"modified":"2025-07-16T18:23:17","modified_gmt":"2025-07-16T18:23:17","slug":"pwc-welcomes-uk-governments-captive-insurance-regime","status":"publish","type":"post","link":"https:\/\/beijingcareer.com\/index.php\/2025\/07\/16\/pwc-welcomes-uk-governments-captive-insurance-regime\/","title":{"rendered":"PwC welcomes UK government\u2019s captive insurance regime"},"content":{"rendered":"

Following the Chancellor of the Exchequer\u2019s announcement regarding the introduction of a UK regime for captive insurance companies,<\/a> PwC leaders have expressed their support for the new framework.<\/p>\n

\"\"This initiative aims to bolster the UK’s position as a global financial hub, with a focus on five key growth opportunities: FinTech, sustainable finance, asset management and wholesale services, insurance and reinsurance, and capital markets.<\/p>\n

Andy Moore, Insurance Partner at PwC UK, welcomed the government\u2019s approval of a captives regime, highlighting its significance in addressing the current gap in the insurance market.<\/p>\n

He stated: \u201cIt\u2019s great news that the government has approved a captives regime. This move is an important step forward in addressing a gap in the UK insurance market\u2019s toolbox. If implemented well, it should be a fairly straightforward way for the Government to\u202ftap into a huge market and drive growth for an already thriving and historic sector in the UK.\u201d<\/p>\n

The executive also noted that three main areas would need to be addressed to make the UK an attractive destination to set up or relocate captives.<\/p>\n

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\u201cFirstly, the industry will welcome the acknowledgement of a need for a competitive solvency capital regime \u2013 at the moment, key competitor jurisdictions such as Bermuda and Guernsey apply capital standards to captives that are significantly lighter than required by Solvency II,\u201d Moore explained.<\/p>\n

He continued: \u201cSecondly, the UK needs a smooth and efficient regulatory process – competitor jurisdictions have dedicated captive teams able to quickly authorise new captives and respond pragmatically to regulatory matters as they arise, so it is good to see this covered in today\u2019s response.<\/p>\n

\u201cLastly, while broadly speaking the tax impact does not form part of the business case for implementing a captive insurance arrangement, overall tax position remains a component when choosing a jurisdiction. Global minimum tax does somewhat level the playing field between countries, however the UK will be less efficient than existing domiciles without some changes.\u201d<\/p>\n

Alex Bertolotti, Insurance leader at PwC UK, also commented on the benefits of the Financial Services Growth and Competitiveness Strategy.<\/p>\n

He said:\u201c[This] strategy is a clear vote of confidence in the UK\u2019s insurance sector and recognises the pivotal role UK insurance and the London Market plays both domestically and internationally.<\/p>\n

\u201cIt recognises our global leadership and backs it with meaningful reform. The emphasis on cutting complexity and speeding up approvals will help position UK insurers competitively in a fast-changing global market.\u201d<\/p>\n

The post PwC welcomes UK government\u2019s captive insurance regime<\/a> appeared first on ReinsuranceNe.ws<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Following the Chancellor of the Exchequer\u2019s announcement regarding the introduction of a UK regime for captive insurance companies, PwC leaders have expressed their support for the new framework. This initiative aims to bolster the UK’s position as a global financial hub, with a focus on five key growth opportunities: FinTech, sustainable finance, asset management and […]<\/p>\n","protected":false},"author":1,"featured_media":734,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[12],"tags":[],"_links":{"self":[{"href":"https:\/\/beijingcareer.com\/index.php\/wp-json\/wp\/v2\/posts\/1716"}],"collection":[{"href":"https:\/\/beijingcareer.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/beijingcareer.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/beijingcareer.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/beijingcareer.com\/index.php\/wp-json\/wp\/v2\/comments?post=1716"}],"version-history":[{"count":3,"href":"https:\/\/beijingcareer.com\/index.php\/wp-json\/wp\/v2\/posts\/1716\/revisions"}],"predecessor-version":[{"id":1719,"href":"https:\/\/beijingcareer.com\/index.php\/wp-json\/wp\/v2\/posts\/1716\/revisions\/1719"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/beijingcareer.com\/index.php\/wp-json\/wp\/v2\/media\/734"}],"wp:attachment":[{"href":"https:\/\/beijingcareer.com\/index.php\/wp-json\/wp\/v2\/media?parent=1716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/beijingcareer.com\/index.php\/wp-json\/wp\/v2\/categories?post=1716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/beijingcareer.com\/index.php\/wp-json\/wp\/v2\/tags?post=1716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}