MNK Group is aiming to form a Florida-based reinsurance vehicle, as it continues to expand across the Americas, this publication can reveal.
Sources said that the underwriting venture, branded Florida Re, will target both US and Latin American markets.
London-headquartered MNK is a (re)insurance group that includes Lloyd’s broker MNK Re and program manager Specialty MGA UK.
The holding recently acquired the Costa Rica-based insurer Oceanica de Seguros in a bid to grow in Central America.
Specialty MGA UK already has an operation in Miami, where earlier this year it hired ex-OdysseyRe executive Humberto Contasta as head of treaty.
Earlier, it recruited former TransRe and AIG executive Victor Navarro to head up the MGA’s energy and engineering books in LatAm and the Caribbean.
Launched around 15 years ago, MNK Group is led by chairman Manoj Kumar, who is also the CEO of MNK Re.
Besides its presence in the UK, south Florida and Costa Rica, the group has a footprint in South Africa, Dubai and Poland, among other markets.
The company recently received a license from Labuan regulators to set up its own reinsurance company in Labuan.
Earlier this year, the group said it controls more than $500mn of gross written premiums.
MNK did not respond to a request for comment.