Markel International has made a move to start writing business in Germany through a joint venture with Anglo Underwriting.
With Markel’s support, Anglo’s primary focus will be to increase opportunities in specialty and private lines. As part of the focus on specialty lines, look for an emphasis on professional indemnity, contingency, personal accident and directors and officers.
The deal has Markel taking an initial 50 percent stake in the Munich-based Anglo Underwriting with an option to acquire the other 50 percent by 2017.
Anglo offers six business lines, which include industrial, commercial, private, errors and omissions, professional indemnity and specialties. The company was founded in 2005 and now works with 2,500 brokerage firms in Germany and Austria and has 8,000 individual clients.
“With premiums of more than €180 billion a year, Germany is one of the largest and most attractive markets in Europe.,” said William Stovin, president and chief operating officer of Markel International. “Anglo Underwriting is a successful local player with a culture and niche products that fit our brand. The agreement is a first step in building a much stronger presence in Germany and is part of our overall plan for European expansion.”
This marks the first office in Germany for Markel, but the company has plans to grow the business, including opening additional offices. The company has recently been expanding its presence in Europe and opened an office in Rotterdam last year. It also has offices in Barcelona, Madrid and Stockholm.
Was this article valuable?
Here are more articles you may enjoy.