Helvetia Holding AG has announced plans to close its UK marine portfolio and transfer some of the business to its French operations, citing profitability pressures and sustainability challenges in the international marine hull market.
The Switzerland-based insurer said the decision follows an extensive review of the segment as part of its broader specialty lines management strategy.
A Helvetia spokesperson told AM Best the group identified a “subdued outlook” for the marine hull sector, prompting the move to close its UK marine portfolio to new business by December 31, 2024.
“However, selective international marine hull business will continue to be underwritten elsewhere within the Helvetia Group, managed under the portfolio oversight of Helvetia’s French operations,” the spokesperson said.
The affected UK marine business was transferred to Helvetia’s UK branch at the beginning of 2024.
Helvetia’s UK marine exit comes amid a wider cost-cutting initiative announced in December 2024.
The insurer previously revealed plans to reduce its workforce by 500 positions over the next three years, with the exception of its operations in Spain, which it describes as its “second most important market.”
Helvetia said the aim is to achieve annual cost savings exceeding 200 million francs ($222.2 million) by 2027. These savings are expected to come from leveraging new technologies, improving synergies, and enhancing operational efficiency, including lowering its combined ratio by about two points over a three-year period.
“In Helvetia we have a good basis,” CEO Fabian Rupprecht told Bloomberg in December. “But we haven’t really optimized the company [in terms of] what we can do and what we can achieve.”
Helvetia said it will minimise the impact of job cuts through attrition, reskilling, early retirements, and prioritising existing employees for open positions.
The insurer’s streamlining strategy also includes the integration of Caser and Helvetia Seguros in Spain to enhance operational efficiency.
Helvetia may also be deliberating the sale of its German operations, according to Bloomberg.
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