Following the authorisation from the German Federal Financial Supervisory Authority, speciality London based insurer Newline Group has announced the launch of its new European establishment in Cologne, Germany.
Newline Europe Versicherung AG (Newline Europe), a subsidiary of Newline Insurance Company, will be led by Manuel Wirtz as newly appointed CEO. Wirtz was previously Newline’s general representative for Germany.
Although it remains uncertain exactly when the UK will leave the EU, the new unit in Europe is to ensure continuity of services post-Brexit.
Carl Overy, CEO of Newline group commented: “Newline’s history of underwriting German-based insurance risks dates back to 2002, so we are delighted to strengthen our footprint in Cologne and expand our platform by providing seamless and continuous service to our clients throughout Europe in the post-Brexit environment.”
Wirtz added: “We are very pleased that BaFin has approved our application. We have already seen the benefit of having local underwriting and claims handling teams, and this approval will allow us to continue providing our insurance solutions in Germany as well as in our neighbouring countries in the European Economic Area.”