MNK Group has completed the purchase of Oceánica de Seguros, an insurer based in San José, Costa Rica.
Oceánica has been operating in Costa Rica since 2013. It joins a number of insurance businesses that are backed by MNK Group, including MNK Re, a Lloyd’s Broker and Specialty MGA UK, an MGA focused on providing additional capacity for specialty lines of businesses and hard-to-place risks.
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. The local team will work to strengthen the firm’s operations, boost its business books and expand the products and services it offers to the region.
The acquisition has been approved by the Superintendencia General de Seguros.
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