Markel Corp. announced it plans to apply for regulatory approval to establish an insurance company in Germany to ensure that whatever the outcome of the Brexit negotiations it will be able to meet the insurance needs of clients in the European Union.
Subject to approval from BaFin, the German federal financial supervisory authority, Markel will incorporate and capitalize the new insurance company within the first half of 2018, but in no event later than the end of Brexit negotiations, the deadline of which is March 29, 2019, unless it is extended.
Markel, through its wholly owned subsidiary Markel International, currently writes business worldwide from its London-based platforms and through branch offices around the world.
Since 2012, Markel International has been doing business in Germany through a branch office in Munich where the new company would be based.
“We are focused on building upon and extending the global reach of our businesses. That means that we are committed to a strategy of profitable growth of our continental European business. Establishing a new insurance company in Germany will enhance Markel’s ability to do just that,” said Richard R. Whitt, co-chief executive officer of Markel.
William Stovin, president of Markel International, said: “This is an important, strategic development for us. While we’ll continue to write international business through our Lloyd’s syndicate, we also want to build on the strong foundations of our national market businesses in Europe. Establishing a carrier in Germany would enable us to do this and give us flexibility to pursue other opportunities in continental Europe.”
Source: Markel Corp.
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