Liechtenstein-based insurer Helvetia Global Solutions, part of Switzerland-headquartered Helvetia Group, has secured approval for its UK branch.
In a release, the company said: “Helvetia Global Solutions has received confirmation from UK regulators that its authorisation to underwrite non-life insurance business in the UK has been approved and comes into effect on November 1, 2023.
“Helvetia Global Solutions focuses on international non-life business, in specialty lines (large corporate risks) and embedded insurance solutions. The UK branch is already home to experienced underwriting teams for international general aviation and marine business.”
Set up last year and led by chief executive Marc Davis, the UK branch was established in response to Brexit. Britain’s withdrawal from the European Union meant that UK business could only be underwritten on a freedom-of-services basis until the end of 2023.
“Helvetia already offers very successful specialty lines cover in the UK and will be able to continue this business, thanks to the regulatory approval,” the insurer said. “As of year-end 2022, gross written premiums of Helvetia Global Solutions were around €508 million. Expected specialty lines premium volume of the UK branch for 2023 amounts to around €50 million.”
Meanwhile David Ribeaud, specialty markets CEO at Helvetia Group, commented: “With Marc Davis, we have gained a very experienced professional who will support the successful establishment of the UK branch as well as the assessment of local business opportunities in the UK in alignment with our strategy.”
“With the UK branch, we are further diversifying our business mix,” Helvetia Group chief executive Fabian Rupprecht declared. “The opening of this additional branch is a further step in continuing the internationalisation of Helvetia Group.”
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