MNK Group has acquired ETU Forsikring A/S, a Danish non-life insurer authorised since 2006. The deal gives the London-based Lloyd's broker its first regulated carrier inside the European Union. Finanstilsynet, the Danish Financial Supervisory Authority, confirmed its approval on September 4.
The acquisition's most concrete feature is the regulatory passport footprint ETU brings with it. The carrier holds freedom-of-services passports into eight markets beyond Denmark: Sweden, Norway, Germany, Austria, France, Italy, Greece and Malta. That means ETU can write business on an admitted basis across those jurisdictions without separate local entities.
Insurance brokers account for around 20% of the Danish market, concentrated in commercial lines, according to Forsikring & Pension. That concentration makes Solvency II-regulated paper from a locally authorised carrier a meaningful proposition for distribution partners placing niche or complex risks.
ETU is authorised across eleven non-life classes in Denmark, covering property, general liability, motor, marine hull and liability, cargo, accident, legal expenses and assistance. The carrier is based in Rødekro, Southern Jutland. It transferred its private customer book to Forsia Forsikring in November 2024, a portfolio carrying approximately DKK100 million in annual premiums.
The business MNK has acquired is the remaining commercial insurer. Finanstilsynet records showed ETU's minimum capital coverage at just 38% of the legal requirement at year-end 2024. The 100% legal threshold was not met, and MNK Group has committed new capital to the business as part of the transaction.
MNK Group operates Lloyd's broking through MNK International, which is active in over 170 countries. It also runs managing general agents in the UK, Italy, the US, and the Middle East, and risk carriers in Florida, Latin America and Asia. ETU slots into that structure as the group's first EU-domiciled insurer.
Post-Brexit, UK-based or Lloyd's-fronted carrier paper cannot serve EU markets as efficiently as an admitted EU entity. ETU closes that gap.
Under MNK ownership, ETU will add the group's underwriting capability and digital distribution to its existing product lines, with additional classes subject to regulatory approval.
Manoj Kumar, founder and group chief executive of MNK Group, said the priority was strengthening ETU as a Danish insurer before developing the EU hub strategy. "Our first commitment is to ETU's Danish policyholders and partners: to build a stronger, well-capitalised insurer serving Denmark and the Nordic region," he said. "From that foundation, ETU gives us a regulated EU carrier from which we can expand our capabilities, strengthen our partnerships and deliver more for clients across Europe."
The acquisition follows a period of active expansion by MNK Group, which launched a unified brand in April 2025 after a series of acquisitions across Latin America, Asia and the Middle East.
The group appointed its first group treasury director in January 2026 to build financial infrastructure for the year ahead. ETU Forsikring is the next step in MNK Group's strategy of expanding through regulated carrier acquisitions across multiple jurisdictions.
