RICHMOND, Va., May 18, 2017 /CNW/ -- Markel Corporation
(NYSE: MKL) today announced that following discussions with BaFin,
the German federal financial supervisory authority, it plans to
apply for regulatory approval to establish an insurance company in
Germany to ensure that whatever
the outcome of the Brexit negotiations, a Markel insurance company
will be able to meet the insurance needs of clients in the EU-27
countries.
Subject to approval from the regulator, Markel will incorporate
and capitalize the new insurance company within the first half of
2018, but in no event later than the end of Brexit negotiations,
the deadline of which is March 29,
2019, unless otherwise extended.
Markel, through its wholly owned subsidiary Markel
International, currently writes business worldwide from its
London-based platforms and through
branch offices around the world. Since 2012, Markel International
has been doing business in Germany
through a branch office in Munich
where the new company would be based.
Richard R. Whitt, Co-Chief
Executive Officer of Markel, stated, "We are focused on building
upon and extending the global reach of our businesses. That means
that we are committed to a strategy of profitable growth of our
continental European business. Establishing a new insurance company
in Germany will enhance Markel's
ability to do just that."
William Stovin, President of
Markel International, said, "This is an important, strategic
development for us. While we'll continue to write international
business through our Lloyd's syndicate, we also want to build on
the strong foundations of our national market businesses in
Europe. Establishing a carrier in
Germany would enable us to do this
and give us flexibility to pursue other opportunities in
continental Europe."
Some of the statements in this release may be considered
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Statements that are not historical
facts, including statements about Markel's beliefs, plans, or
expectations, are forward-looking statements. These statements are
based on Markel's current plans, estimates, and expectations. There
are risks and uncertainties that could cause actual results to
differ materially from those expressed in or suggested by such
statements. Factors that may cause actual results to differ are
often presented with the forward-looking statements themselves.
Factors that could cause actual results to differ from those
predicted also are set forth under "Risk Factors" and "Safe Harbor
and Cautionary Statement" in Markel's most recent annual report on
Form 10-K. Markel undertakes no obligation to update any
forward-looking statements, whether as a result of new information,
future developments, or otherwise.
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.
About Markel International
Markel International
Limited is a subsidiary of Markel Corporation, a US-based holding
company trading on the New York Stock Exchange (MKL). Markel
International writes insurance and reinsurance business through
four 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, tax, and human
resources consultancy services. For more information please visit
us at markelinternational.com.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/markel-plans-to-establish-german-insurance-company-in-munich-to-support-eu-27-growth-strategy-300459694.html
SOURCE Markel Corporation