Newline picks Germany for EU insurance hub in Brexit move
London-based specialty insurer Newline Group is launching its post-Brexit European Union insurance hub in Cologne, Germany.
The company said it has started the application process and is seeking to create an insurance company subsidiary that will be capitalised, licensed and regulated in Germany.
Newline Insurance Company previously established a branch office in Cologne in December 2016 to provide its policyholders and brokers with a local underwriting and claims handling team.
“Cologne is a natural choice for us, given our existing presence and the support we have from the local market,” said Carl Overy, CEO of Newline Group. “This new platform will enable us to provide seamless and continuous service in the post-Brexit environment.”
Manuel Wirtz, Newline’s General Representative for Germany added, “This decision is a testament to our clients and brokers in Germany, Austria and neighbouring countries for placing their business and trust in us.”
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