MNK Re Limited, an independent broker of worldwide specialist risks into Lloyd’s, has appointed Steven Oluoch as Chief Executive of its new Kenya and East Africa office.
Oluoch has over 30 years of experience in the Kenyan and COMESA markets, having most recently worked as Chief Executive for a prominent East African insurer, ICEA LION General.
He will lead MNK Re’s new Kenyan subsidiary, based in Nairobi, looking to expand the company’s presence in the country and by extension, the wider East African region, while developing relationships with local providers in those markets.
With access to the Lloyd’s market and other international insurers and reinsurers, the new MNK Re subsidiary will offer East Africa clients a gateway to international capacity and specialised premium covers.
“Steven was the natural choice to lead our new Kenyan subsidiary,” said Manoj Kumar, Group Chief Executive and Managing Director of MNK Re.
“His experience operating in the East African market and managing companies is impressive. Most importantly, he shares our passion of developing innovative and pioneering solutions, especially to serve emerging markets,” Kumar continued.
“Kenya is the largest economy in the region, and is at the forefront of digital innovation. The market has so many opportunities and our decision to set up a new subsidiary here, underlines our commitment to deepen our presence right across Africa. At MNK Re we are always working to bring the most cutting edge solutions to our clients, and we are looking forward to sharing these with the thriving East African market.”
Oluoch also commented: “This move by MNK Re to open an office in Kenya presents such an opportunity for me to be part of an exciting expansion project. It is clear from the work Manoj and the team are already doing in the region that MNK Re fully recognises the potential this market has to offer.”
“We will be one of the very few brokers in the Kenyan and regional market who can bring A-rated security into the reinsurance and retrocession programmes of underwriters and reinsurers respectively, whilst also expanding our client offering with unique, specialist products and access to Lloyds.”