Markel Corporation has received regulatory approval to operate a UK branch office for its recently established German insurance company, Markel Insurance SE (MISE).
MISE was formed in July 2018 after Markel was granted a license by BaFin, Germany’s federal financial supervisory authority.
With uncertainty remaining about the terms of the UK’s departure from the European Union (EU) in 2019, the subsidiary will allow Markel to continue to meet the needs of clients located or with risk exposures in the European Economic Area (EEA) following Brexit, the company said.
The newly approved UK branch will also support brokers and policyholders in underwriting EEA exposures through London, Markel added.
MISE has already had branches authorised for operation in Spain and the Netherlands.
Markel recently posted its results for the third quarter of 2018, which saw its reinsurance business struggle despite relatively low levels of catastrophe losses, with a 13% decrease in earned premiums and a combined ratio of 115%.
