Markel to launch new insurance company in Germany in post-Brexit strategy

US-based niche insurer Markel Corporation has announced its plan to incorporate and capitalize a German insurance company in Munich, within the first half of 2018, to support its EU-27 growth strategy post Brexit.

According to the statement, the insurer is set to apply for regulatory approval following a meeting with BaFin, the German federal financial supervisory authority. With this move, the company aims to ensure that the insurance needs of its clients in the EU-27 countries are met despite the outcome of ongoing Brexit negotiations.

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 will be based.

Richard Whitt, co-chief executive officer of Markel, stated: "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."

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."

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