American insurance holding company Markel has secured permission from German federal financial supervisory authority BaFin to establish an insurance company in Germany.
The German entity will trade under the brand name of Markel Insurance SE (MISE).
The new entity has been formed to serve clients located or with risk exposures in the European Economic Area (EEA) post Brexit.
Markel co-CEO Richard Whitt said: “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.”
Markel International president William Stovin said: “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.”
Markel International operates as a subsidiary of Markel and writes insurance and reinsurance business through six divisions and through offices across the UK, Europe, Canada, Latin America and Asia Pacific.