MNK Group, through its holding company Specialty Management UK, is strengthening and expanding its reinsurance business in Central America and Latin America by acquiring Costa Rica-based insurance company Oceanica de Seguros SA.
The acquisition, confirmed by Costa Rica's supervisory authority, the General Supervision of Seguro (SUGESE), will see Oceanica join a number of insurance businesses backed by the MNK Group, including MNK Re, Lloyds Brokers and Specialty MGA UK. .
The Costa Rica-based insurance company, which has been operating in the country since 2013, will retain its current management team, led by general manager Daniel Hernández.
A new Board of Directors was appointed and Ricardo Retana became President.
Manoj Kumar, Chairman of MNK Group, said, “This acquisition is great news for MNK Group and continues our rapid expansion in the Latin American market.” Oceanica de Seguros provides us with an excellent platform to continue building our business base in the region. ”
Oceanica President Ricardo Retana commented: This acquisition means Oceanica can offer more innovative products and enhanced reinsurance support to the market.
“MNK Group’s knowledge, experience and access to globally recognized markets such as Lloyds will bring real benefits to our clients.”
