Following the announcement last month of Newline Insurance Group’s Cologne-based headquarters for European business – via new subsidiary Newline Insurance Company – the city’s Mayor Henriette Reker has praised the move and invited “insurance companies from all over the world” to consider Cologne’s “outstanding business environment.”
The creation of Newline’s new Germany capitalised, licensed and regulated subsidiary comes as it prepares for potential post-Brexit underwriting restrictions.
“The decision by Newline is a great signal for the insurance industry in Cologne. This news further strengthens my belief that the combined effort of the Cologne Chamber of Commerce and Industry (IHK) in response to Brexit will gain further momentum over time,” added Reker.
“Our city is perfectly positioned as an insurance centre. With InsurLab Germany we have the future of the industry firmly in mind and, combined with the unrivalled technical education facilities provided by our two great universities, offer a highly attractive option for insurers and reinsurers that want to gain direct access to the German and wider European market”
Reker had previously travelled to London in February 2018 to meet with leading members of the London insurance and reinsurance in a visit which represented an ongoing campaign to promote the Cologne as a future financial base in Germany and the European Union.
