May 18, 2017 / 7:09 AM / in 7 months

Insurer Markel to set up EU subsidiary in Munich

LONDON, May 18 (Reuters) - U.S. insurer Markel plans to apply for regulatory approval to set up a European Union subsidiary in Munich, it said on Thursday.

Insurers and other financial services firms with UK operations have started to announce plans for EU subsidiaries, in order to retain access to the bloc after Brexit.

“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,” the insurer said in a statement.

Markel hopes to set up the subsidiary by mid-2018, it said. (Reporting by Carolyn Cohn; Editing by Rachel Armstrong)

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