Markel gains license for German insurance company--supports EEA growth strategy
RICHMOND, Va., July 18, 2018 /PRNewswire/ -- Markel Corporation (NYSE: MKL) announced today that it has been granted a license by BaFin, the German federal financial supervisory authority, to establish an insurance company in Germany.
Following Brexit, the United Kingdom's exit from the European Union, Markel Insurance SE (MISE) will be able to meet the insurance needs of clients located or with risk exposures in the European Economic Area (EEA).
Richard R. Whitt, Co-Chief Executive Officer of Markel Corporation, 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."
William Stovin, President of Markel International, 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."
About Markel International
Markel International Limited is a subsidiary of Markel Corporation, a US-based holding company trading on the New York Stock Exchange (NYSE: MKL). Markel International writes insurance and reinsurance business through six divisions and through offices across the UK, Europe, Canada, Latin America and Asia Pacific. Markel International's insuring entities include Syndicate 3000, Markel Resseguradora do Brasil S.A. and Markel International Insurance Company Limited. Markel International also manages the business of Abbey Protection Group which provides legal and professional fees insurance cover as well as legal and tax consultancy services. Please tell us if you no longer want to receive communications from us. For more information please visit us at www.markelinternational.com
About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the
Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at markelcorp.com.
SOURCE Markel Corporation
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