Helvetia Global Solutions, a unit of Swiss insurance group Helvetia, has secured regulatory approval to set up a branch in the UK.
The branch will begin underwriting non-life insurance business in the UK on 1 November 2023.
Helvetia Global Solutions is engaged in underwriting international non-life business, with a focus on speciality lines such as large corporate risks and embedded insurance offerings.
The Swiss insurer said its UK branch comprises underwriting teams with experience in international general aviation and marine lines of business.
The launch of the new branch is in response to Brexit, where UK business can only be underwritten on a freedom of services basis until the end of this year.
With the regulatory approval, Helvetia will be able to carry on with its current business of providing speciality line coverage in the UK.
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Helvetia Group CEO Fabian Rupprecht said: “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.”
Concurrently, Helvetia Global Solutions has named Marc Davis as CEO of the UK branch.
Davis, who joined Helvetia on 1 October 2022, has held key positions at companies such as Swiss Re Corporate Solutions, RSA and Marsh.
Helvetia Group speciality markets CEO David Ribeaud said: “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.”