London insurers in talks with Bank of England on in-house market

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Reuters UK

LONDON (Reuters) – London’s commercial insurance market is in talks with the Bank of England about allowing companies to set up in-house insurers without unnecessary red tape, aiming to catch up with Bermuda, Singapore and the European Union, an industry body said on Thursday. The commercial insurance market in the UK is still the largest in the world but to remain “top of the pile”, there must be product innovation, such as by allowing so-called ‘captives’, or companies that open in-house insurance units, Caroline Wagstaff, chief executive of industry body the London Market Group, said. Compa…

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