Privately owned Swiss insurer Infrassure has placed itself in run-off. In an announcement, it said it will cease to underwrite any new business.
The insurer said it had informed the Swiss insurance regulator, FINMA and it will continue with the active de-risking programme already commenced at the end of 2012.
“This decision was taken in light of the significant reduction in premium volume this year,” said Infrassure. “Furthermore, the company will undergo a substantial restructuring of the business and organisation.
“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.”
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