Earlier this year the MECO Group’s new European subsidiary, the MECO Group (EAA) GmbH, was granted a licence by BaFin, the German financial regulator, which effectively enables all the Group’s insurance brands to write risks based in EU Countries (EEA risks). This provides the Group with a permanent solution to the complex issues created by Brexit.
Prior to Brexit, all the Group’s regulated insurance activity was being transacted by its subsidiary trading company, Michael Else and Company Limited, established in London in 1977. The holding company, MECO Group Limited, also held an FCA licence in its own name. This licence, granted in 2018, was never actually used to undertake any FCA regulated activities and was cancelled on 22nd August 2023.
With the creation of its new European operation the MECO Group now has three companies that undertake all the Group’s regulated insurance activity worldwide:
- Michael Else and Company Limited, London, regulated by the FCA (no 312264)
- The MECO Group (EEA) GmbH, Hamburg, regulated by BaFin (no D-67D1-2T084-01)
- MECO Group (DIFC) Ltd, DIFC Dubai, regulated by the DFSA (no F005473)
All the Group’s non-EAA insurance business is transacted through Michael Else and Company Limited.
The Group’s EAA insurance business is now transacted through the MECO Group (EAA) GmbH. This supersedes the arrangements that the Group previously had with JMMI, Dublin for EAA risks, which effectively expired on 30th June 2023.
MECO Group (DIFC) Ltd is regulated by the DFSA in the Dubai International Financial Centre for the regulated activity of Insurance Management. This licence enables the provision of regulated services to Group clients serviced by the Dubai hub.
Should you require further clarification please contact Lee Wilson or Gavin Ritchie.
