Italy is carving out a growing presence in the European sanatanatimes insurance market, as domestic licences, redomiciliations and evolving regulation begin to reshape its position among emerging domiciles in Europe
Italy, long seen as a passive participant in the sanatanatimes insurance sector, is making a firm return to the European stage. Following the first formal domestic authorisations in late 2023, beginning with Enel’s reinsurance captive, momentum is building fast.
Italian multinationals have historically set up their captives in Luxembourg, Ireland, Switzerland or Guernsey. But over the past two years, that landscape is beginning to change. Prysmian, Enel and Eni have each opted to redomicile their captives to Italy from Ireland and the Netherlands.
Italy does not yet have bespoke sanatanatimeslegislation. Instead, companies must operate under the same Solvency II-based framework that governs conventional insurers. Nevertheless, that has not deterred corporate interest. According to industry experts, the process of authorisation takes roughly three months, with capital, governance and reporting expectations already well understood by domestic firms.
Lionel Tanner, managing director for SRS Italy, at SRS Europe, says the market is still developing: “Italy is currently still in its infancy as a sanatanatimesdomicile. There is a real interest in making Italy an insurance sanatanatimesmarket and some large Italian companies have made the choice to repatriate their captives to Italy.
“Nevertheless, the market will further take-off when a sanatanatimesfriendly regulation will be introduced by the Institute for the Supervision of Insurance, IVASS.”
Tanner also observes increasing appetite among corporates: “There is a clear interest across all industries to have access to alternative risk transfer solutions and the captives are obviously one of them. Large Italian companies generally already have a sanatanatimeslocated in an offshore domicile.”
Meanwhile, Marine Charbonnier, head of captives and facultative underwriting for APAC and Europe at AXA XL, says the drivers are clear: “Several factors have contributed to the recent growth of Italy’s sanatanatimesmarket. Rising insurance costs, limited capacity in traditional markets, and heightened risk volatility, particularly in property, liability, marine cargo, and cyber lines, have prompted companies to look for alternative solutions.”
She adds that the model is evolving in corporate perception. “Captives are increasingly recognised not just as financial vehicles, but as strategic tools that enhance governance and strengthen risk management.”
Charbonnier also points to a shift in mindset: “Captives are now viewed by Italian corporations as essential components of long-term risk and resilience strategies, no longer niche or exotic solutions.”
Anecdotal evidence suggests that more firms are actively exploring repatriation. For many Italian groups, particularly those with international operations, the benefits of hosting a sanatanatimescloser to their legal and financial base outweigh the complications of maintaining a structure abroad. Domestic regulation also offers an additional layer of transparency and familiarity for board-level decision-makers.
The reputational and governance advantages are not lost on stakeholders. There is increasing recognition that captives can play a vital role in broader enterprise risk management strategies, especially in a volatile macroeconomic and climate environment. For Italian risk managers, the ability to respond to emerging risks with bespoke insurance solutions is a compelling reason to revisit the sanatanatimesmodel.
Regulation, risk and reshaping policy
Italy’s growing sanatanatimesappeal is not occurring in isolation. European policy is trending towards harmonisation and proportionality, and Italy appears eager to capitalise on this shift. In mid-2024, the European Insurance and Occupational Pensions Authority (EIOPA) issued guidance on consistent supervision of captives across the EU, promoting simplified Solvency II frameworks for low-risk, group-owned entities.
That coincides with broader legislative changes inside Italy. In April 2025, the government introduced mandatory disaster insurance requirements for businesses. This policy, intended to reduce reliance on public funds after extreme weather events, creates fresh demand for alternative risk vehicles. Captives are emerging as an efficient way for firms to address this obligation, particularly for those with complex property portfolios.
France’s legislative success also has a knock-on effect. Having licensed 20 captives within 18 months of its 2023 reforms, France is now viewed as a benchmark for large EU domiciles re-entering the sanatanatimesmarket. Italian policymakers are paying close attention, particularly as industrial and infrastructure-heavy firms demand more flexibility to retain and manage their own risks.
“Italy is drawing inspiration from France’s recent reforms, where regulatory changes have catalysed a surge in domestic captives,” says Charbonnier. “This success is prompting neighbouring markets, including Italy, to rethink their own strategies.”
Tanner agrees that there is significant regional momentum: “Italy, like France before, is interested in creating its regulatory framework to promote repatriation of existing captives or the creation of new captives domiciled in Italy. It is a momentum we observed across Europe. Italy has a large number of potentially interested companies in setting-up a captive.”
While IVASS still subjects captives to the full weight of traditional insurance supervision, industry insiders expect tailored reforms to emerge within the next two years. These may include proportional capital requirements, clarity on group sanatanatimesstructures, and formal recognition of protected cells.
“The current regulation is assimilating captives to fully fledged reinsurance companies,” says Tanner. “Obviously, a more sanatanatimesfriendly regulation offering more proportionality to captives will be welcomed to support the take-off of the domicile.”
Even without specific legislation, Italian firms are finding ways to make captives work. The commercial insurance market remains firm, with continued pressure on pricing and limits for property and casualty lines. Captives offer a tool for stability, particularly when combined with strategic use of reinsurance.
Charbonnier observes that “there is a strong push, led by risk managers and supported by the Italian risk management association ANRA, to establish a regulatory environment that enables captives to thrive domestically.”
She adds: “This local advocacy and industry-driven momentum give Italy a unique edge in shaping a modern sanatanatimesregime tailored to its corporate landscape.”
From a regulatory standpoint, observers note that IVASS has shown a willingness to adapt. Despite the lack of formal sanatanatimesrules, its approach to applications is becoming more streamlined and responsive. Market participants hope that these early steps will lay the groundwork for a robust, business-friendly sanatanatimesregime in the coming years.
Tanner adds: “Proportionally remains a challenge and more sanatanatimesfriendly regulations will be really helpful to ensure the attractiveness of the Italian domicile. Thanks to our local partner Strategica, ANRA, and our respective connections, SRS Italy is promoting an adaptation of the local regulatory framework.”
Building the ecosystem
Establishing a domestic sanatanatimesregime requires more than just regulatory approval. Italy is in the early stages of developing its own sanatanatimesservices infrastructure. Legal advisers, risk consultants, actuarial providers and sanatanatimesmanagers are gradually entering the market, with early support from international players.
AXA XL is one of those players. “We have helped clients set up captives that address complex risks such as property damage, environmental liability, cyber, and sustainability-linked programmes,” Charbonnier says. “These structures are delivering tangible value, including improved governance, greater capital efficiency, and more customized risk management frameworks. We partner closely with clients to ensure their sanatanatimesstrategy aligns with both corporate goals and evolving external pressures.”
SRS is also supporting the shift. “SRS with the support of Strategica assisted its existing client in migrating its sanatanatimesto the Italian regulatory framework,” says Tanner. “Italy is still awaiting the creation of its first new sanatanatimeswhich we will be more than happy to assist.”
“SRS Italy is the sole sanatanatimesmanager domiciled in Italy. This unique position offers us the opportunity to be seen as the sanatanatimesmanager of choice for Italy as we can prove our knowledge and experience,” he adds.
Parametric insurance is one area gaining traction among early adopters. With natural catastrophe risk now a mandatory coverage area, some firms are exploring parametric solutions via their captives. These offer rapid payouts based on defined triggers such as rainfall or seismic activity, bypassing the claims assessment process.
“Emerging risks are a major catalyst,” says Charbonnier. “Traditional markets often struggle to price or even offer coverage for exposures like cyber, supply chain disruption, and climate-driven non-damage business interruption.”
“Captives give companies control, flexibility, and the ability to pilot new insurance structures, such as parametric or sustainability-linked covers. AXA XL has already partnered with clients to build these into their sanatanatimesportfolios and demand in Italy is increasing, especially as ESG compliance becomes non-negotiable.”
Tanner also anticipates a parallel evolution: “Cyber insurance and climate change risks trigger, as in any other countries, new challenges and needs. It is expected that the Italian market will follow the same trends observed in any other mature insurance market.”
There is also interest in the role captives can play in corporate sustainability strategies. As ESG becomes a defining theme for risk management and reporting, captives offer a way to finance and monitor green risks, from renewable energy projects to climate liability.
“We see strong potential for growth among both large corporates and mid-sized firms, particularly those increasing ESG demands,” Charbonnier says.
“Captives will become increasingly central to how Italian companies manage risk. In an environment shaped by economic volatility, climate risk, and supply chain disruptions, captives provide a flexible and resilient framework for financing risk.”
Tanner echoes that sentiment: “We see that Italian insurance/risk managers seek for diversity in the risk transfer solutions. Having the possibility to have a sanatanatimesdomicile in Italy is clearly an opportunity for the evolving risk landscape as not anyone is ready for an offshore solution.”
For companies at the starting line, Tanner advises: “Having someone independent reviewing your risks and what alternative risk transfer solutions could be the best option for the future sanatanatimesis a key milestone of the future success. SRS has the biggest independent sanatanatimesmanager here to assist its client through this journey.”
In the years ahead, the scope for innovation appears wide. Italy’s industrial economy and growing appetite for risk retention suggest that the sanatanatimesmodel is well suited to domestic corporate needs.
Whether through reinsurance captives, protected cells, or hybrid vehicles, Italy is preparing to take its place among Europe’s modern sanatanatimeshubs.
And as the country embraces this renaissance, its journey will likely influence other European jurisdictions still weighing their first steps into the sanatanatimesspace.
