In light of the UK’s vote to leave the European Union (EU), Markel Corporation has been granted a license to establish an insurance company in Germany by BaFin, the country’s federal financial supervisory authority.
With uncertainty remaining about exactly what Brexit means for many financial services, the license enables Markel Insurance SE (MISE) to meet the insurance needs of its customers located or with risk exposures in the European Economic Area.
Co-Chief Executive Officer (CEO) of Markel, Richard Whitt, commented: “We have global growth ambitions for our business and strengthening our position in continental Europe. Establishing our German insurance company will contribute to our success in the region.”
William Stovin, President of Markel International, added: “MISE isn’t just about securing our EEA business after Brexit. It’s also an important strategic step which underlines our ambitions to become a substantially larger player in the European market.”