Specialty insurer Newline Group has announced the establishment of Newline Europe Versicherung AG (Newline Europe), a subsidiary of Newline Insurance Company Limited that is set to operate from Cologne, Germany. Newline Europe will serve as the company’s new European Union (EU) hub.
Manuel Wirtz, previously Newline’s general representative for Germany, has been appointed Chief Executive Officer (CEO) of Newline Europe.
The new unit has been established to ensure continuity of services in a post-Brexit world, although it remains uncertain exactly when and under what terms the UK will leave the EU.
Newline Europe received authorisation to operate as a capitalised, licenced insurer in Germany from the German Federal Financial Supervisory Authority (BaFin) on March 21st, 2019.
Newline Europe has a preliminary credit assessment of A pca (Excellent) by international financial services rating agency, A.M. Best.
Wirtz, commented: “We are very pleased that BaFin has approved our application. We have already seen the benefit of having local underwriting and claims handling teams, and this approval will allow us to continue providing our insurance solutions in Germany as well as in our neighbouring countries in the European Economic Area.”
CEO of Newline Group, Carl Overy added: “Newline’s history of underwriting German-based insurance risks dates back to 2002, so we are delighted to strengthen our footprint in Cologne and expand our platform by providing seamless and continuous service to our clients throughout Europe in the post-Brexit environment.”