Helvetia Global Solutions has received confirmation from UK regulators that its authorization to underwrite non-life insurance business in the UK has been approved and comes into effect on 1 November 2023.
The authorization includes the underwriting of international risks in the specialty lines business, such as General Aviation and Marine business.
The opening of the branch is in response to Brexit, where UK business can only be underwritten on a freedom of services basis until 31 December 2023.
Helvetia already offers very successful specialty lines cover in the UK thanks to experienced underwriting teams that was previously in place. The regulatory approval will allow the insurer to continue the business.
Helvetia has appointed Marc Davis as CEO of the UK branch, who joined the company on 1 October 2022 and holds extensive experience in the insurance industry.
He has previously served as Country Manager UK and Ireland for Swiss Re Corporate Solutions, as Commercial distribution director at RSA, and as head of sales & marketing at Marsh’s IRM division in the UK.
David Ribeaud, CEO, Specialty Markets of 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.”
As of year-end 2022, Helvetia Global Solutions’ gross written premiums (GWPs) were around EUR 508 million. The insurer manged to generate a profit of EUR 6.9 million which is an 65% significant increase compared to the previous year.
Partner-business and GEPS (Global Engineering & Property Solutions) segments were the most lucrative generating each more than 40% of the profits.
The projected specialty lines premium volume of the UK branch for 2023 amounts to around EUR 50 million.
Helvetia has an “A” rating with stable outlook from S&P Global Ratings (S&P). The rating also applies to the UK branch.