Markel Corporation has announced that it has been granted a license by BaFin, the German financial supervisory authority, to establish an insurance company in Germany.

With the establishment of the company, Markel Insurance SE (MISE) will be able to meet the needs of clients located or with risk exposures in the European Economic Area (EEA) following the UK’s exit from the European Union, the company said.

“We have global growth ambitions for our business and strengthening our position in Europe,” said Richard R. Whitt, co-CEO of Markel Corporation. “Establishing our German insurance company will contribute to our success in the region.”

“MISE isn’t just about securing our EEA business after Brexit,” said William Stovin, president of Markel International. “It’s also an important strategic stem with underlines our ambitions to become a substantially larger player in the European market.”

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