The UK captive market is close to “saturation point”, according to a new study.

Research by Aon said the use of captives by large companies in the UK was extremely common. Of those surveyed, 79% held a captive at parent level, it said.

On a global scale, however, the captive market remains underdeveloped. Over half (53%) of all the surveyed companies did not currently own a captive, according to the research.

But while many of the com-panies featured in the survey do not own any captives, some of them own more than one. The average take-up rate was 1.5 captives per company.

Bermuda remains the most preferred domicile, although the report found strong growth in US domiciles, particularly Vermont.

The figures were drawn from a list of 1,500 global com-panies (chosen by Aon), which focused on the largest and most complex firms.