Independent Lloyd’s broker MNK International has expanded its global footprint with the acquisition of a new brokerage in Türkiye.

The Istanbul-based operation will concentrate on providing insurance and reinsurance solutions for a variety of specialty and complex risks.

The Turkish arm of MNK International will cater to local clients and offer a diverse range of services including engineering, financial lines, aviation and property insurance.

As a subsidiary of the MNK Group, the Türkiye branch will have the advantage of leveraging internal group resources such as a worldwide network of managing general agents (MGAs) and other entities capable of underwriting risk.

This strategic positioning will allow the new acquisition to extend its offerings across various jurisdictions.

Erhan Ergunes, with two decades of industry knowledge, will lead MNK International Türkiye as CEO.

His background includes roles at insurance companies such as Generali, Allianz, Chubb and Helvetia.

According to MNK Group, Ergunes is set to drive the company’s mission to offer products and tap into MNK International’s network to address risk challenges.

Ergunes commented: “With MNK’s global reach and our specialised expertise, we are ready to deliver innovative, high-quality solutions tailored to the unique needs of Turkish businesses operating on the world stage.

“There are huge opportunities within the Turkish market, ranging from construction and engineering to aviation and agriculture. Our focus will be on building long-term partnerships and providing tailored coverage that meets the evolving needs of our clients.”

The MNK Group includes Lloyd’s Broker MNK International (previously known as MNK Re), which offers insurance solutions to clients across more than 130 countries.

The group also includes a network of MGAs in the UK, Italy, the US and the Middle East.

Furthermore, the group encompasses reinsurance companies such as Mekong Re, Florida Re and MNK Seguros.

MNK Group chairman Manoj Kumar said: “Erhan’s experience in the region has given him a deep understanding of the local insurance landscape and the international standards our clients expect.

“With our international capabilities and network, this latest acquisition will deliver a level of flexibility to clients in Türkiye and the wider region that sets it apart from traditional local brokers.”

Last year, MNK Group, through its holding entity Specialty Management UK, completed the acquisition of Oceánica de Seguros, an insurance company based in Costa Rica.