Markel plans to establish an insurance firm in Germany to ensure it can still serve clients in the European Union after Brexit.
The company is in discussion with Germany’s financial regulatory authority, BaFin, as it seeks approval to set up an insurance company in the country.
The insurer said it wanted to ensure that whatever the outcome of the Brexit negotiations, a Markel insurance firm will meet the clients requirements in the remaining 27 EU countries.
The company will integrate and capitalize the new insurance company by the first half of 2018, subject to approval from the regulator.
Markel, through its wholly owned subsidiary Markel International, is said to currently write business worldwide from its London-based platforms and via branch offices across the world.
Since 2012, Markel International has been providing services in Germany through a branch office in Munich, where the new company is expected to be established.
Markel co-CEO Richard Whitt said: “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.”
Markel International president William Stovin 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.”
Markel’s principal business markets and underwrites specialty insurance products, while Markel International writes insurance and reinsurance business through four divisions and offices across the UK, Europe, Canada, Latin America, and Asia Pacific.
Image: Markel to establish new German insurance business unit to meet the insurance needs of customers in other 27 EU countries. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.