Infrassure announces cessation of underwriting activities

On July 7, Infrassure informed the Swiss insurance regulator, FINMA, it will cease to underwrite any new business. This decision was taken in light of the significant reduction in premium volume this year. Thus, the company will continue with the active de-risking program already commenced at the end of 2012. Furthermore, the company will undergo a substantial restructuring of the business and organization.

Management and shareholders regret the upheaval to customers and staff. We wish to thank you for believing in the focused business model of applying engineering expertise to the underwriting and claims handling of complex industrial risks. The reduced group which remains will wind-down the in-force business in a professional and straightforward manner. Contact details of the staff taking responsibility for the future organization will be updated shortly on our website.

Source: Aon Benfield Market News