On 4 March 2015 Helvetia announced the sale of the travel insurance portfolio of L’Européenne (Compagnie Européenne d'Assurances des Marchandises et Bagages S.A, Brussels) in Belgium to Mapfre Asistencia, a company of the Spanish Mapfre insurance group. Following the approval of the regulatory authorities, the portfolio transaction has now been completed. In the process 15 employees have transferred to Mapfre.
L’Européenne belonged to the Nationale Suisse Group, which became part of the Helvetia Group in 2014. With premiums of EUR 25 million, the L’Européenne travel insurance portfolio generated about 30 percent of the premium volume of Nationale Suisse in Belgium.
As previously announced, Helvetia is withdrawing from the Belgian direct insurance market with the exception of art risks, which in future will be underwritten via its Liechtenstein-based subsidiary.
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