Part VII Transfer from MIICL to MISE
As part of our plans to look after our clients and brokers with EEA risks after Brexit, we have established a new insurance company in Germany, Markel Insurance SE, to write the sort of European risks previously carried by our London insurance company, Markel International Insurance Company and our Lloyd’s Syndicate 3000. You can see more details here
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. For reasons of cost and simplicity it will be our preferred vehicle for carrying EEA risks.
As part of Markel International’s Brexit restructuring plans, we have now completed the transfer of MIICL’s European business to MISE, so that the Markel International group can continue to service this business post-Brexit. The transfer has been carried out by means of an insurance business transfer under Part VII of the UK Financial Services and Markets Act 2000. The statutory process is designed to safeguard the interests of policyholders and has been approved by the High Court of England and Wales (the Court). The legal process and other matters are explained further in the documentation listed below.
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