MNK Group, by way of its holding firm Specialty Administration UK, has finalised the acquisition of Oceánica de Seguros, a Costa Rica-based insurer.
The Oceánica de Seguros deal will enable MNK to strengthen and develop its insurance coverage and reinsurance companies in Central America and the LatAm area.
Moreover, the deal has been confirmed with the Superintendencia Normal de Seguros (SUGESE), Costa Rica’s supervisory authority.
Manoj Kumar, Chairman of the MNK Group, stated: “This acquisition is unbelievable information for the MNK Group, and continues our speedy enlargement within the LatAm market. Oceánica de Seguros offers us with a superb platform to proceed constructing a guide of enterprise within the area.”
Oceánica de Seguros will hold its present administration workforce, led by common supervisor, Daniel Hernández.
As well as, a brand new board of administrators has additionally been appointed, with Ricardo Retana as president of the board. The native workforce will work to strengthen the agency’s operations, increase its enterprise books and develop the services it presents to the area.
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Ricardo Retana, president of Oceánica, added: “I’m delighted our workforce will probably be working with the MNK Group, and excited concerning the alternatives this can present us going forwards. The acquisition signifies that Oceánica will be capable of carry extra progressive merchandise and higher reinsurance help to the market.
“MNK Group’s information, expertise and entry to a globally-recognised market resembling Lloyd’s will carry actual advantages for our purchasers.”
Oceánica has a observe report of greater than 10 years having been working in Costa Rica since 2013. It joins plenty of insurance coverage companies which are backed by MNK Group, together with MNK Re, a Lloyd’s Dealer and Specialty MGA UK, an MGA targeted on offering extra capability for specialty strains of companies and hard-to-place dangers.
