Markel International has completed the transfer of its European insurance business from London unit Markel International Insurance Company to Munich-based Markel Insurance SE (MISE).
In July 2018, Markel established MISE to serve its European clients post-Brexit. On 28 March this year, the UK High Court granted permission to transfer London-based business to MISE.
The completion of relocation comes ahead of the UK’s European Union exit day on 29 March.
The date was extended under Article 50, as the UK government failed to agree to a withdrawal deal that had the backing of the Parliament.
The British specialist insurance firm said that the relocation will enable the company to have continued access to European market even after the UK departs from the European Union (EU).
Markel International president 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.”
Operating as a division of American insurer Markel Corporation, Markel International writes insurance and reinsurance business via its offices located in Europe, Canada, the UK Latin America, and Asia-Pacific.