Markel moves insurance business from London to Munich ahead of Brexit
Specialist insurer Markel International has moved its European insurance business from London-based company, Markel International Insurance Company, to its Munich-based company, Markel Insurance SE (MISE) ahead of UK plans to leave the European Union.
The deadline for the UK to leave the EU had been today, 29 March, however, an extension to Article 50 was negotiated after the UK government failed to agree a withdrawal deal that had the support of Parliament.
Markel said its transfer of European business from the UK to Germany “secures continuity of service for our policyholders and supports the development of Markel’s business in continental Europe”. High Court approval for the move was granted on the 28 March.
William Stovin, president of Markel International, said: “For the last two years we have been working hard to make sure that, as far as our clients are concerned, Brexit will have no impact on their experience of doing business with us. The creation of MISE and the completion of this transfer support our commitment to becoming a substantially larger player in the European market.”
British Prime Minister Theresa May will need to confirm a withdrawal agreement this week to secure an extension of the Article 50 deadline to the 22nd of May. If there is no agreement, the EU has said the country will only be granted an extension until the 12th of April.
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