INFRASSURE GOES INTO RUN-OFF AFTER PREMIUM VOLUME FALLS

Swiss insurer Infrassure has gone into run-off, the company has confirmed. The energy and infrastructure insurer said the decision was taken in light of the “significant reduction“ in premium volume this year. The Zurich-based company wrote gross written premiums of SFr27.9m ($31.3m) in the first quarter of the year. But gross premiums written for the whole of 2013 were SFr126.7m – although the company made a pre-tax loss of SFr36m for that year. Infrassure’s chief executive, William Bachmann, said the company will continue with the active de-risking programme already commenced at the end of 2012. It will also undergo a substantial restructuring of the business.