25th January 2012
MarkelInternational has signed a joint venture agreement with Anglo Underwriting.
Under the terms of the agreement, Markel has taken an initial 50% stake in the Munich-based company with an option to acquire the remaining 50% by 2017. Anglo Underwriting will therefore become a fully-owned Markel business, and its Munich office will add to Markel’s growing European network.
This is Markel’s first office in Germany, and the intention is to grow the business and open further offices to serve the German market.The move follows the recent opening of an office in Rotterdam, from which Markel aims to expand across the Netherlands.
Anglo Underwriting was founded in 2005 by Garlich Wulff. His son, Frederik, has been the managing director since 2007. They work with around 2,500 broking firms across Germany and Austria, and have some 8,000 individual clients. This wide distribution is one of Anglo Underwriting’s key strengths, and it is an asset that will be maximised with Markel’s backing and technical resources.
The business is split into six lines-industrial; commercial; private; errors and omissions; professional indemnity; and specialties. With Markel’s support, Anglo Underwriting’s primary focus will be to increase opportunities in the specialty area (professional indemnity, contingency, personal accident, directors and officers) and the private lines business.
Commenting on the joint venture, William Stovin, president and coo of Markel International, said “With premiums of more than E180bn a year, Germany is one of the largest and most attractive markets in Europe. Anglo Underwriting is a successful local player with a culture and niche products that fit our brand. The agreement is a first step in building a much stronger presence in Germany and is part of our overall plan for European expansion.”
Frederik Wulff, md of Anglo Underwriting, added "Markel’s values as a family business, entrepreneurial spirit and long-term commitment to its markets make it an ideal partner for our business. Markel is a growing and very successful international brand, and its financial strength as well as specialist product know how are key for us to improve our product offering and enhance our service and reputation for our partners as a specialist insurance boutique for the German and Austrian market. We look forward to a great future with our new partner."