The publicly traded US company Markel Corporation (Markel) has established an insurance company in Germany in connection with Brexit and is the first foreign insurance group to be granted the respective license for the conduct of business from the German Federal Financial Supervisory Authority (BaFin).
Via the German insurance company, Markel Insurance SE (MISE), Markel intends to continue and further grow its EU business which has been carried out so far via Markel’s risk carrier in the United Kingdom. The background for this group internal re-allocation of business is the change that, upon the UK exiting the EU, insurance companies licensed in the UK will lose their passporting rights, and henceforth an insurance company with the license of a remaining EU member state is needed for EU business activities. As a result of the BaFin licence for MISE, Markel will be able to operate and continue to grow in the European Economic Area also after Brexit.
Richard R. Whitt, Co-Chief Executive Officer of Markel Corporation, comments this milestone: “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.”
An international team of Allen & Overy LLP lead by Düsseldorf partner Dr Jan Schröder and senior associate Dr Achim Schmid has comprehensively advised Markel on all relevant aspects of establishing the insurance company in Germany and obtaining a BaFin licence as well as on setting up further branches in Spain, the Netherlands, the United Kingdom and Ireland, and on the provision of services throughout the EU.
The international Allen & Overy team consisted of partner Dr Jan Schröder and senior associate Dr Achim Schmid (joint lead, both Insurance/Corporate/M&A, Düsseldorf) and also comprised partners (Tobias Neufeld (Data & Data Protection, Düsseldorf) and Dr Hans-Peter Löw (Employment & Benefits), counsel Dr Udo H. Olgemöller (Public Law), senior associates Dr Sebastian Schulz and Boris Blunck (both Employment & Benefits, all Frankfurt) as well as associates Catharina Glugla (Data & Data Protection, Düsseldorf) and Dr Lisa Müller (Employment & Benefits, Frankfurt). International advise was provided by counsel Kate McInerney (Corporate/M&A, London), senior associates Leonie Kraakman (International Capital Markets, Amsterdam) and María Perez-Hernandez as well as associates Alejandra Puig (both Madrid) and Emma Waters (all Corporate/M&A, London).
At Markel the project was led in-house by Henry Gardner (Director of Legal, Regulatory & Compliance, Markel International), Georgina Cotton (Legal Counsel, Markel International) and Frederik Wulff (CEO, Markel Insurance SE).
The original press release can be found here on Allen & Overy’s website.