Sir Peter Wood, the entrepreneur behind insurance firms Esure and Direct Line, has relocated his tax residence from the United Kingdom to Florida, marking one of several recent moves by high-profile British tycoons. Wood, whose estimated wealth stands at £795 million, disclosed last year he shifted his residency to Palm Beach, where he owns a home. Approaching his 80th birthday, Wood cited longstanding personal and business ties to the United States as key factors in his decision.

Wood has held a property in Boston for three decades and a residence in Palm Beach for 20 years. His extensive involvement in the U.S. insurance market includes a directorship at Plymouth Rock Assurance based in Boston. He also noted a preference for Florida’s milder winter climate.

Addressing speculation that his departure was driven by political or tax concerns in the UK, Wood dismissed these as primary motives. While expressing disappointment in politicians broadly, he maintained that tax implications played a less significant role in his choice. “It’s a different system there. But it’s no meaningful benefit,” he said, acknowledging that some aspects of taxation may be more favorable, while others less so. Wood added that he had been a substantial taxpayer in the UK, having paid “hundreds of millions” in tax.

Wood has a history of supporting the Conservative Party, contributing over £1.5 million in donations, including a £500,000 gift before the 2024 general election. Beyond politics, he remains invested in the UK, particularly in academic research, as a major donor to University College London where he funds PhD students focused on cancer studies.

The entrepreneur is preparing to launch his eighth insurance venture in the coming year, committing £5 million in seed funding. He highlighted emerging technologies, particularly artificial intelligence and machine learning, as promising tools to innovate within the insurance industry.

Wood’s relocation comes amid heightened scrutiny of wealthy individuals leaving the UK, alongside tighter rules on non-domiciled status and wealth taxation. His move reflects broader trends among British business figures seeking alternatives while maintaining connections to their home market.