Brexit is coming and insurers are hastily running to set up new homes in locations such as Luxembourg, Dublin and Brussels. However, now one specialist insurer has bucked that trend by choosing a different European hub.
That insurer is
Markel Corporation, which revealed earlier today it plans to apply for regulatory approval to set up an insurance company in Germany. The move is meant to ensure that no matter what happens during the Brexit negotiations, it will still be able to meet the needs of its clients across the EU.
According to a company release making the announcement, the firm will, once approved, aim to capitalise the new company during the first half of 2018.
Markel, via its wholly-owned subsidiary Markel International, is, of course, based in London – however, it has had a Munich branch since 2012 and Richie Witt, the firm’s co-chief executive officer, believes it’s a natural transition.
“We are focused on building upon and extending the global reach of our businesses,” he said. “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.”
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