Re/insurer Markel has announced plans to open a branch in Germany to ensure it can continue to service its EU-clients after Britain leaves the union and to support its EU-27 growth strategy.
The branch is set to be opened in Munich within the first half of 2018, and no later than the end of Brexit negotiations in March 2019.
Richard Whitt, Co-Chief Executive Officer of Markel, commented; “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.”
Markel currently writes global business through its subsidairy, Markel International, from London-based platforms and other branches around the world.
Since 2012 it’s also been operating in Germany through a Munich branch, which the re/insurer now plans to use as a base for its new insurance branch.
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.”
The announcement comes after the re/insurer held talks with BaFin, the German federal financial supervisory authority; the opening of the branch is still subject to regulatory approval.
