Lloyd’s broker MNK Re Limited has announced that it has reached agreement to purchase a majority stake in independent South African reinsurance broker, Prospect Brokers Africa (Pty) Limited.
The acquisition 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 Head of International Treaty shall be the Chairman of South Africa Subsidiary and will also sit on the Board of Directors of the subsidiary.
Prospect Brokers Africa was established in December 2019 by former RFIB Africa director, Neesha Parbhoo who specialises in reinsurance, wholesale insurance and binding authorities placed into regional and international markets.
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 have 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 South Africa will be a resounding success.”
