Reeves Plans Rule Change to Create Own-Cover UK Insurance Market

The UK government is planning to announce rule changes to help create a potential new insurance market worth billions of pounds as part of a drive to boost competitiveness.

Chancellor of the Exchequer Rachel Reeves is expected to lay out plans for a captive insurance regime in the UK around her Mansion House speech on July 15, according to people familiar with the matter. It follows a consultation kicked off by the Labour government last year on captive insurers, which are entities set up by companies or public institutions to provide their own insurance.

The move would allow London to ...