MNK Group completes acquisition in Costa Rica

Transaction to bolster its businesses across key region

MNK Group completes acquisition in Costa Rica

Insurance News

By Kenneth Araullo

MNK Group, through its holding entity Specialty Management UK, has finalised its acquisition of Oceánica de Seguros SA, a Costa Rican-based insurer.

Established in 2013, Oceánica de Seguros has over a decade of operational history in the local market. The company is now part of MNK Group's growing portfolio, which includes entities like MNK Re, a Lloyd’s Broker, and Specialty MGA UK, a managing general agent specializing in specialty lines and complex risk solutions.

Overall, the company notes that this strategic move is aimed at bolstering MNK Group's presence and operational scope in Central America and the broader Latin American (LatAm) region. The acquisition has received approval from the Superintendencia General de Seguros (SUGESE), the insurance regulatory body in Costa Rica.

Manoj Kumar (pictured above), chairman of MNK Group, expressed his enthusiasm about the acquisition and its role in the firm’s expansion in the region.

“This acquisition is fantastic news for the MNK Group, and continues our rapid expansion in the LatAm market,” Kumar said. “Oceánica de Seguros provides us with an excellent platform to continue building a book of business in the region.”

As part of the deal, Oceánica de Seguros will maintain its existing management structure, with Daniel Hernández continuing as general manager. Additionally, a new board of directors has been appointed, with Ricardo Retana taking on the role of president.

The local leadership is tasked with enhancing operational efficiency, expanding the company's portfolio, and introducing new products and services tailored to regional market demands.

“I’m delighted our team will be working with the MNK Group, and excited about the opportunities this will provide us going forwards,” Retana said. “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.”

What are your thoughts on this story? Please feel free to share your comments below.

Related Stories

Keep up with the latest news and events

Join our mailing list, it’s free!