Helvetia Insurance

Helvetia survived 168 years in insurance by maintaining geographic diversification across Switzerland, Germany, Austria, Italy, and Spain. Founded in 1858, the company operates as a multi-line insurer covering property, casualty, life, and health - spreading risk across product lines and geographies so no single event (earthquake, pandemic, regulatory change) can kill it. This portfolio approach generates consistent 10-12% ROE across market cycles because insurance mathematics work better at scale and with diversification: local catastrophes average out across regions, product line losses offset each other. Helvetia's $10B+ annual revenue proves that in insurance, survival requires treating the company itself as a diversified risk portfolio.