Newline Group, a London-based specialty insurer, has selected Cologne in Germany as its European Union (EU) insurance hub, to secure hassle free access of European market post- Brexit.
Newline is set to file the application and is looking to set up an insurance company subsidiary that will be capitalised, licensed and regulated in Germany.
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In December 2016, Newline Insurance opened a branch office in Cologne to deliver its policyholders and brokers with a local underwriting and claims handling team.
Newline Group CEO Carl Overy said: “Cologne is a natural choice for us, given our existing presence and the support we have from the local market. This new platform will enable us to provide seamless and continuous service in the post-Brexit environment.”
Newline’s general representative for Germany Manuel Wirtz stated: “This decision is a testament to our clients and brokers in Germany, Austria and neighbouring countries for placing their business and trust in us.”
Newline operates through two underwriting platforms, Newline Syndicate 1218 at Lloyd’s and Newline Insurance Company and underwrites international casualty and cargo business in over 80 countries across the globe.
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