Helvetia continues superyacht cover

The new superyacht insurer in France, Helvetia, arrived at its current role after having picked up the French book of Groupama, which sold its marine transport holdings late last year. According to Thierry Gervais, formerly of Groupama who now heads up Helvetia’s French superyacht insurance operations from Paris, the transition has taken time, but is proceeding well.

“For us, this year is really about merging these two companies together here in France, to add our products together and offer new products and get the word out to our brokers,” Gervais explained. “Under Helvetia, Standard and Poor’s have given our book an A- notation, which is very important when we’re working to gain share in the superyacht market.” 

Groupama’s other marine transport holdings were sold of in batches according to national territories (The UK, Italy, etc.), which unfortunately has had the effect of dismantling a well-developed and experienced international team with clients across to the international superyacht market.

Groupama’s London marine transport offices at Lloyd’s are in the process of closing down, a move which will make managing superyacht clients perhaps more difficult, given the importance of London as a market. “The message we gave to our brokers is that they can continue the cover with Helvetia, but that would be handled through our international hull division in Le Havre,” says Bruno Saverys, who along with Thierry Gervais, was brought into Helvetia through the acquisition.

“We are planning a lot of visits: to the London market, and to the superyacht exhibitions at Genoa, Cannes and Monaco in order to meet the different actors and promote the Helvetia brand and products,” Gervais confirmed.

Helvetia had been present in France prior to the Groupama acquisition, though not in hull insurance. Gervais points out that the goal is for Helvetia to grow its business as part of the company’s strategy to become one of the leading marine and transport insurers in France. The Groupama sale afforded Helvetia a significant deal; their next step is to focus on their newly acquired markets—including the superyacht sub-market—and grow the prospects.

“It’s not simple when you merge two companies. It takes time. But now it’s becoming more clear for the employees and for the brokers. We’re optimistic about the future.”

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