EEA Risks After Brexit

Immediately after the Brexit referendum, we started making plans to ensure that, however Brexit was delivered, we’d be able to look after our clients and their brokers with EEA risks with as little disruption as possible.

In May last year we announced that we would seek to establish a new insurance company in Germany, Markel Insurance SE, able to handle EEA risks previously written on our London insurance company, Markel International Insurance Company and our Lloyd’s Syndicate 3000.

MISE is now capitalised, licensed, has A ratings from S&P and A.M. Best – the same as MIICL- and has written its first risks. We’ll also, of course, be able to write on LBS, the Lloyd’s Brussels platform but, for reasons of simplicity for our customers and their brokers, MISE will be the vehicle we will recommend for carrying EEA risks.

We are now in the process of arranging a Part VII transfer of MIICL’s liabilities into MISE, so that its legacy issues and policy holders can be managed in the new environment.

Even if there turns out to be no transitional arrangements, our plans are to be ready to look after our clients faultlessly post Brexit and as soon as March 29, 2019.

The links below will take you to much of the information you’ll want from us and this will be updated as more become available.

Do, please, get in touch with us at brexit@markelintl.com if there are any other questions you have.

 

FCA  Registry entry for MISE S&P rating   
MISE approval press release BaFin Database entry
Why MISE  MISE Munich Registry excerpt
Markel BaFin application release Open market transition clause
Markel BaFin licence release Binder transition clause
Markel A.M. Best release Binder sunset clause
Markel S&P release MISE FATCA
A.M. Best rating release