Markel said the new company will serve its clients with exposure in the EEA
Markel Corporation is to set up an insurance company in Germany to get around Brexit.
The US-based owner of Markel International said it has been granted a licence by German regulator BaFin.
It said that, following Brexit, Markel Insurance SE (MISE) will be able to meet the insurance needs of clients located or with risk exposures in the European Economic Area (EEA).
Richard R. Whitt, co-chief executive of Markel Corporation, said, “We have global growth ambitions for our business and strengthening our position in continental Europe. Establishing our German insurance company will contribute to our success in the region.”
William Stovin, President of Markel International, said, “MISE isn’t just about securing our EEA business after Brexit. It’s also an important strategic step which underlines our ambitions to become a substantially larger player in the European market.”