British specialty insurer Newline Group has created a new European subsidiary in Cologne, Germany ahead of Brexit.
To be known as Newline Europe Versicherung (Newline Europe), the unit will serve as the company’s hub in European Union post-Brexit.
Newline Group CEO Carl Overy said: “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.”
The British specialty insurer received nod from the German Federal Financial Supervisory Authority (BaFin) to operate a capitalised, licensed insurance company in Germany last month.
Manuel Wirtz has been appointed as Newline Europe’s CEO. He previously served as Newline’s general representative for Germany.
Wirtz said: “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.”
Newline underwrites international casualty and cargo business in over 80 countries across the globe.
Apart from the newly created subsidiary, Newline Group has two more underwriting platforms, Newline Syndicate 1218 and Newline Insurance Company.
Newline Group, which is part of the Odyssey Group, also has offices in Leeds, Malaysia, Melbourne, Singapore and Toronto.