Specialist insurer Markel International has completed the transfer of the EU business of its London-based insurer, Markel International Insurance Company Limited, to its German insurer, Markel Insurance SE (MISE).
Markel formed MISE in July of last year to ensure continuity for clients in light of the UK’s vote to leave the European Union (EU). After the establishment, Markel received approval from the German regulator to operate a UK branch office for MISE.
MISE enables Markel to continue to meet the needs of its clients located or with risk exposures in the European Economic Area (EEA) following Brexit.
Following the completion of the Part VII Transfer for European business, which was recently approved by the High Court, Markel has secured the continuity of service for its policyholders, while further supporting its operation in continental Europe.
President of Markel International, William Stovin 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.”