Markel has announced that it has opened a new branch office in Paris in order to expand its support to small and medium-sized enterprises (SMEs) in the French market.
The company said the move is part of a longstanding strategy to further expand and scale the company’s global footprint in key specialty insurance markets.
Toward that end, Markel will partner with a regional network of independent brokers to offer three core product lines tailored for French SMEs: professional indemnity, cyber risk, and directors and officers liability.
It also confirmed the Paris office will be led by Franziska Geier, country manager, and Laura Tinturier, underwriting director, who plan to drive growth by leveraging local broker relationships and simplifying liability insurance for SMEs with easy-to-understand wordings and streamlined documents, processes, and website.
With this office, the team aims to replicate the success of Markel’s other operation expansions in Spain (established in 2005), the Netherlands (established in 2011), and Germany (established in 2013), which have collectively grown to more than 135,000 insureds, 6,500 brokers, $150m (£108.5m) turnover, and 130 employees.
Geier said: “At Markel, we’ve learned that success in new markets hinges on our ability to tailor our expertise and offerings to the unique local needs of our customers and brokers. We know that doing business in Paris will not be the same as London, Munich, New York, or Singapore.
“And while we can make use of the lessons and best practices that we have learned around the world, we are ultimately a global company powered by local relationships and expertise. We are looking forward to meeting the French brokers with whom we will work hand-in-hand to provide customers with quality, tailor-made insurance products.”