Markel Insurance SE (MISE), the German insurance unit of Markel, has secured the regulatory approval to set up a Markel UK branch.

The new branch will enable brokers and policyholders to underwrite EEA exposures through London.

Earlier this year, Markel obtained the green light from the German federal financial supervisory authority BaFin to set up MISE in Germany.

MISE was formed to serve clients located or with risk exposures in the European Economic Area after UK’s exit from the European Union next year.

Markel UK branch

Apart from the newly approved UK branch, MISE also has branches in Spain and the Netherlands.

Brexit has promoted various other insurance firms to launch new subsidiaries.

In response to Brexit, RSA Insurance Group opened its new office in Luxembourg while Lloyd’s of London launched its new subsidiary in Brussels.

Earlier this year, American International Group received the approval of the UK court to split its European insurance business into two new entities in Brexit contingency planning.

Triggered by Brexit, Australia-based QBE secured a licence to launch a new subsidiary in Belgium. Similarly, Sompo International received the regulatory approval to launch a subsidiary in Luxembourg.

In addition, Markel International has commenced writing business from its Mumbai office in India.

The office will be led by Deepika Mathur, who has spent around two decades in the Indian insurance sector gathering valuable experience on the sector.

She joins from HDFC Ergo, where she most recently oversaw the casualty and financial lines business in the capacity of an executive vice president.