Markel gains German insurance licence; seeks EEA growth
Specialist insurer Markel Corporation has been granted a licence by the German federal financial supervisory authority BaFin to establish an insurance company in Germany.
The new unit, Markel Insurance SE (MISE), will enable the firm to meet the insurance needs of clients located or with risk exposures in the European Economic Area (EEA) following Brexit, the UK’s exit from the European Union.
“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,” said Richard Whitt, co-chief executive officer of Markel Corporation.
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.”
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