Newline Europe Versicherung AG (Newline Europe) has come to life after the German Federal Financial Supervisory Authority (BaFin) granted UK-headquartered Newline Group the authorisation to operate the capitalised, licensed insurance company in Cologne.
A subsidiary of Newline Insurance Company Limited, Newline Europe will serve as the group’s new European Union insurance hub upon Britain’s exit from the bloc. Newline already had a branch office in Germany prior to the formation of the Brexit unit.
Group chief executive Carl Overy noted: “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.”
Meanwhile Manuel Wirtz, who previously served as Newline’s general representative for Germany, has been tapped to take on the role of CEO at Newline Europe.
“We are very pleased that BaFin has approved our application,” commented Wirtz. “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.”
Aside from its headquarters in London and its EU hub in Cologne, Newline also has offices in Leeds, Malaysia, Melbourne, Singapore, and Toronto, as well as presence at Lloyd’s China in Shanghai. The specialty insurance group underwrites international casualty and cargo business in more than 80 countries.
