Markel to establish German unit

Markel Corporation has announced that following discussions with BaFin, the German federal financial supervisory authority, it plans to apply for regulatory approval to establish an insurance company in Germany in the aftermath of Brexit discussions.

Subject to approval from the regulator, Markel will incorporate and capitalise the new insurance company within the first half of 2018, but in no event later than the end of Brexit negotiations, the deadline of which is March 29, 2019, unless otherwise extended.

Since 2012, Markel International has been doing business in Germany through a branch office in Munich where the new company would be based.

Richard R. Whitt, co-chief executive officer of Markel, stated, “We are focused on building upon and extending the global reach of our businesses. That means that we are committed to a strategy of profitable growth of our continental European business. Establishing a new insurance company in Germany will enhance Markel’s ability to do just that.”