Alstom becomes latest firm to register French captive
Train manufacturing group Alstom has become the latest company to register a reinsurance captive in France under new rules that have seen a wave of the risk retention tools come to fruition over the past year.
Alstom registered the new captive, named Alstom Réassurances, by filing the required documents at the country’s company registry RNE on 15 May.
The captive is based in Saint-Ouen sur Seine in the Parisian region and was created with €28.3m of capital. Alstom’s group insurance director Philippe Garnier is listed as a member of the new captive’s board, with the title of deputy CEO.
Xavier Morel, Alstom’s vice-president of finance, accounting and global finance centers, is listed as chairman. Head of Tax Olivier Debray is named at the captive’s CEO. Its board is completed by Pierre Fleury, head of operations at the Bombardier subsidiary, and its chief technical officer Jérôme Arnaud.
Alstom Réassurances will perform reinsurance and retrocession deals for risks linked to all the Alstom Group companies, both in France and broad, according to its registration document.
The mandate authorises the captive to operate across all insurance segments.
Alstom announced the sale of a previous captive in January 2023 for €101m.
Alstom follows the example set by a growing number of French companies that have decided to set up captive companies in France after the implementation of new accounting rules.
The new rules were implemented in June 2023. French risk management association Amrae estimates that the number of French captives could reach around 30 by the end of this year. Before the new rules were implemented, there were barely half a dozen captives in the country.
Naval, an industrial group that specialises in naval defense design, development and construction, announced its new captive in April, and Safran, an aerospace company, decided to repatriate its Luxembourg captive in March.
The news on Alstom Réassurances was first reported by News Assurance Pro.
