brexit-istock-533244924-2
iStock/Brexit
29 March 2019Insurance

Markel moves insurance business from London to Munich ahead of Brexit

Specialist insurer Markel International has moved its European insurance business from London-based company, Markel International Insurance Company, to its Munich-based company, Markel Insurance SE (MISE) ahead of UK plans to leave the European Union.

The deadline for the UK to leave the EU had been today, 29 March, however, an extension to Article 50 was negotiated after the UK government failed to agree a withdrawal deal that had the support of Parliament.

Markel said its transfer of European business from the UK to Germany “secures continuity of service for our policyholders and supports the development of Markel’s business in continental Europe”. High Court approval for the move was granted on the 28 March.

William Stovin, president of Markel International, said: “For the last two years we have been working hard to make sure that, as far as our clients are concerned, Brexit will have no impact on their experience of doing business with us. The creation of MISE and the completion of this transfer support our commitment to becoming a substantially larger player in the European market.”

British Prime Minister Theresa May will need to confirm a withdrawal agreement this week to secure an extension of the Article 50 deadline to the 22nd of May. If there is no agreement, the EU has said the country will only be granted an extension until the 12th of April.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

Marsh appoints new Jelf CEO replacing Barton Advent, Canopius-backed UK insurtech Kinsu shuts down Activist investor attacks Argo over ‘invalid’ board appointments The Hartford unveils new global insurer network AM Best sees ‘negative outlook’ for 2019 UK non-life insurance market 

Download our whitepaper: 'Why Automation & AI Matters For Commercial Lines'

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
3 May 2019   Specialist insurer Markel Corporation has appointed AIG's Guenter Kryszon to the position of executive underwriting officer for global property.
Insurance
1 April 2019   Ratings agency Moody’s has warned that a no-deal Brexit is likely to damage the capital, growth and profit of UK life insurers in the short to medium term, in its latest report for investors.
Insurance
15 March 2019   Last night the UK Parliament voted in favour of requesting an extension to Article 50 and consequently a delay to Brexit beyond the 29 March deadline.