MNK Group acquires Costa Rican insurer Oceánica de Seguros
UK-based MNK Group has acquired Oceánica de Seguros, an insurer based in San José, Costa Rica. The deal, completed through MNK’s holding company Specialty Management UK, has been confirmed with the Superintendencia General de Seguros, Costa Rica’s supervisory authority.
MNK said the purchase will allow the group to strengthen and expand its insurance and reinsurance businesses in Central America and the LatAm region. Oceánica has been operating in Costa Rica since 2013.
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.”
Oceánica de Seguros 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.
Retana said: “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.”
MNK Group includes Lloyd’s broker MNK Re and Specialty MGA UK, an MGA focused on providing additional capacity for specialty lines of businesses and hard-to-place risks.
