MNK Group, through its holding company Specialty Management UK, has finalised the acquisition of Oceánica de Seguros, a Costa Rica-based insurer.

The Oceánica de Seguros deal will allow MNK to strengthen and expand its insurance and reinsurance businesses in Central America and the LatAm region.

Furthermore, the deal has been confirmed with the Superintendencia General de Seguros (SUGESE), Costa Rica’s supervisory authority.

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 MNK
Manoj Kumar, Chairman of the MNK Group

Oceánica de Seguros will keep its current management team, led by general manager, Daniel Hernández.

In addition, a new board of directors has also 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.

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Ricardo Retana, president of Oceánica, added: “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.

“MNK Group’s knowledge, experience and access to a globally-recognised market such as Lloyd’s will bring real benefits for our clients.”

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.