Helvetia World Options, a unit of Swiss insurance coverage group Helvetia, has secured regulatory approval to arrange a department within the UK.
The department will start underwriting non-life insurance coverage enterprise within the UK beginning 1 November 2023.
Helvetia World Options is engaged in underwriting worldwide non-life enterprise, with a give attention to speciality traces reminiscent of giant company dangers and embedded insurance coverage choices.
The Swiss insurer stated its UK department contains underwriting groups with expertise in worldwide common aviation and marine traces of enterprise.
The launch of the brand new department is in response to Brexit, the place UK enterprise can solely be underwritten on a freedom of providers foundation till the top of this yr.
With the regulatory approval, Helvetia will be capable of stick with it with its present enterprise of offering speciality line protection within the UK.
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Helvetia Group CEO Fabian Rupprecht stated: “With the UK department, we’re additional diversifying our enterprise combine. The opening of this extra department is an additional step in persevering with the internationalisation of Helvetia Group.”
Concurrently, Helvetia World Options has named Marc Davis as CEO of the UK department.
Davis, who joined Helvetia on 1 October 2022, has held key positions at companies reminiscent of Swiss Re Company Options, RSA, and Marsh.
Helvetia Group speciality markets CEO David Ribeaud stated: “With Marc Davis, we’ve got gained a really skilled skilled who will help the profitable institution of the UK department, in addition to the evaluation of native enterprise alternatives within the UK in alignment with our technique.”