MNK Group expands LatAm business with Costa Rica-based insurer acquisition – Reinsurance News

MNK Group, through its holding company Specialty Management UK, is strengthening and expanding its re/insurance businesses in Central America and the LatAm region with the acquisition of Oceánica de Seguros S.A., an insurer based in Costa Rica.

With this acquisition, which has been confirmed with Costa Rica’s supervisory authority the Superintendencia General de Seguros (SUGESE), Oceánica joins a number of insurance businesses that are backed by MNK Group, including MNK Re, a Lloyd’s Broker and Specialty MGA UK.

Costa Rica-based insurer, which has been operating in the country since 2013, will keep its current management team, led by General Manager, Daniel Hernández.

A new Board of Directors has been appointed, with Ricardo Retana as President of the Board.

Manoj Kumar, Chairman of the MNK Group, said: “This acquisition is fantastic news for the MNK Group, and continues our rapid expansion in the LatAm market. Oceánica de Seguros provides us with an excellent platform to continue building a book of business in the region.”

Ricardo Retana, President of Oceánica, commented: “I’m delighted our team will be working with the MNK Group, and excited about the opportunities this will provide us going forwards. The acquisition means that Oceánica will be able to bring more innovative products and greater reinsurance support to the market.

“MNK Group’s knowledge, experience and access to a globally-recognised market such as Lloyd’s will bring real benefits for our clients.”