Specialty Lloyd’s broker MNK Re is set to acquire a majority stake in Prospect Brokers Africa, an independent South African reinsurance broker.
Prospect Brokers was established in December 2019 by former RFIB Africa director Neesha Parbhoo.
The company specialises in reinsurance, wholesale insurance and binding authorities placed into regional and international markets.
This deal will see Parbhoo lead the newly-established MNK Re South Africa as CEO, supported by former RFIB colleagues Paul Ray and Nina Velimahitopoulos.
Lee Ellis recently joined MNK Re as managing director of international treaty and will serve as chairman of the South African Subsidiary. He will also sit on the board of directors.
“I am delighted to welcome Neesha and the team to MNK Re which is constantly growing and has footprints in nearly 60 countries worldwide,” said Manoj Kumar, founder of MNK Re Limited and Group CEO.
“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.”
Parbhoo 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.”
