London-based insurance company Newline Group has selected German city Cologne as its European Union (EU) insurance hub.
The company has started the application process and is planning to create an insurance company subsidiary that will be capitalised, licensed and regulated in Germany.
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.”
In December 2016, Newline established a branch office in Cologne to offer its policyholders and brokers with a local underwriting and claims handling team.
Commenting on the company’s latest move, Newline Germany general representative Manuel Wirtz said: “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 via two underwriting platforms, Newline Syndicate 1218 at Lloyd’s and Newline Insurance Company.
The company underwrites international casualty and cargo business in over 80 countries across the world. Newline Group is part of the Odyssey Group, an underwriter of reinsurance and specialty insurance.
In March this year, Newline established a new service company in Canada, based in Toronto.
Newline Canada Insurance will be lead by James Benson, who is the chief underwriting officer. The new company will act as a coverholder for Newline Syndicate 1218 at Lloyd’s of London.
In June 2017, Newline established a new business line focused on the UK and International Affinity & Special Risks products.
Led by senior underwriter Philip Pearce, the business line offers Motor-related Warranty, Non-motor Warranty and value-driven add-ons such as Excess Waiver policies.
Newline’s affinity & special risks team is based in London.