Helvetia receives regulatory approval for UK branch
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 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 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 December 31 2023. Helvetia already offers 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 €508 million. Expected specialty lines premium volume of the UK branch for 2023 amounts to around €50 million. Helvetia Global Solutions has an “A” rating with stable outlook from S&P Global Ratings. The rating also applies to the UK branch.
“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.” – Fabian Rupprecht, Group CEO of Helvetia.