MNK Group acquires Oceánica de Seguros

Monday 22 April 2024. MNK Group, through its holding company Specialty Management UK, has completed the purchase of Oceánica de Seguros S.A., an insurer based in San José, Costa Rica. The purchase will allow the MNK Group to strengthen and expand its insurance and reinsurance businesses in Central America and the LatAm region.

The acquisition has been confirmed with the Superintendencia General de Seguros (SUGESE), Costa Rica’s supervisory authority. Oceánica has a track record of more than 10 years having 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.

Ricardo Retana, President of Oceánica, 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.

About MNK Group:

MNK Group, founded in 2009 in the United Kingdom, includes a Lloyds broker (MNK Re) with operations in every continent and a web of MGAs (Specialty MGA in UK, Italy, US). In addition, MNK Group has recently been granted a license from Labuan regulators to set up its own Reinsurance Company in Labuan. The group currently controls in excess of US$ 500 million in Gross written premiums.

About Oceánica de Seguros:

Oceánica de Seguros is a solid company in the insurance sector with a track record of more than 10 years in the international market, having arrived in Costa Rica in 2013, after six years of the opening of the insurance market in the country. The company has the international backing of reinsurance companies with high international prestige and was awarded by the Chamber of Intermediaries with the first place as a private insurer in Automobile Insurance and General Insurance, respectively.

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