Specialty Lloyd’s broker MNK Re Limited is pleased to announce it has reached agreement to purchase a majority stake in independent South African reinsurance broker, Prospect Brokers Africa (Pty) Limited.
Prospect Brokers Africa was established in December 2019 by former RFIB Africa director, Neesha Parbhoo and specializes in reinsurance, wholesale insurance and binding authorities placed into regional and international markets. The move will see Neesha Parbhoo lead the newly established MNK Re South Africa as CEO, supported by former RFIB colleagues Paul Ray and Nina Velimahitopoulos. Lee Ellis who recently joined MNK Re as Managing Director of International Treaty shall be the Chairman of the South African Subsidiary and will also sit on the Board of Directors.
Manoj Kumar, founder of MNK Re Limited and Group CEO commented, “I am delighted to welcome Neesha and the team to MNK Re which is constantly growing and has footprints in nearly 60 countries worldwide. Establishing local offices in key regions supports our strategic objectives and enables MNK Re clients to interact with our specialist practice leaders in pursuit of niche and innovative products.”
Neesha Parbhoo, CEO MNK Re South Africa, added, “MNK Re has established a well-deserved reputation for tenacity, driving innovation and working with markets to craft solutions for the most difficult of risks. Armed with a brand that clearly aligns itself to the needs of African clients and supported by colleagues in London with extensive African experience, I have no doubt that MNK Re SouthAfrica will be a resounding success”.
Headquartered in London, MNK Re was established in 2009 and is a registered Lloyd’s broker. MNK Re currently trades with clients in more than 60 countries and provides bespoke (re)insurance solutions for both traditional as well as emerging risks. Our key lines of business include Financial Institutions, Cyber, Marine, Energy, Aviation, Political and Credit Risk, Liability, Agriculture and Property. MNK Re is also a market leader in providing parametric solution for diverse risks as Agriculture, Weather, Credit, Travel and Marine. MNK Re Ltd can be reached at firstname.lastname@example.org.