Europeans establishing more captives
European-parented captives have increased by 4% since 2010. But European companies are still far from ready for Solvency II implementation, reports show.
European companies owning captives have increased to 46% in 2012. In 2010 the percentage was 42%.
Most respondents have captives in the European Economic Area, show the results from a 2012 benchmarking survey by the Federation of European Risk Managers Association (FERMA).
A greater degree of confidence regarding readiness for Solvency II’s pillar I compared to pillar III was also shown, said FERMA. The survey revealed:
· 49% of captive owners are ready for pillar III. The majority of these companies were British or German.
· 56% of European captive owners are ready for pillar II.
· 67% are ready for pillar I.