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 1 November 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. 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 and will be able to continue this business thanks to the regulatory approval.
As of year-end 2022, gross written premiums of Helvetia Global Solutions were around EUR 508 million. Expected specialty lines premium volume of the UK branch for 2023 amounts to around EUR 50 million. Helvetia Global Solutions has an "A" rating with stable outlook from S&P Global Ratings (S&P). The rating also applies to the UK branch.
Internationalisation strengthens the diversification of the Group
With Helvetia Global Solutions and its UK branch, Helvetia is unlocking international, sustainable growth opportunities that make an important contribution to the strategic priority "profitable growth" of the helvetia 20.25 strategy. Fabian Rupprecht, Group CEO of Helvetia, comments: "With the UK branch, we are further diversifying our business mix. The opening of this additional branch is a further step in continuing the internationalisation of Helvetia Group."
Experienced underwriting team led by Marc Davis
In preparation of the UK branch, Helvetia Global Solutions has successfully appointed Marc Davis as CEO of the UK branch. Marc Davis joined Helvetia on 1 October 2022 and has extensive experience in the insurance industry. Most notably, he was Country Manager UK and Ireland for Swiss Re Corporate Solutions, Commercial distribution director at RSA and previously head of sales & marketing at Marsh's IRM division in the UK. "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", says David Ribeaud, CEO Specialty Markets of Helvetia Group.