MNK Re launches $50mn Latin America energy facility

By Michael Jones

Feb 13 - (The Insurer) - Independent Lloyd’s broker MNK Re has launched an energy facility focused on small to medium-sized businesses across Latin America.

The facility, announced on Thursday, will offer capacity of up to $50mn per declaration and cover all energy sectors in any country in Central and South America.

MNK said the facility would benefit businesses that may not be able to meet the minimum premium requirements of London and Lloyd’s markets, although it would also consider larger programs if required.

MNK Re group chairman Manoj Kumar said that in the long term it plans to expand the facility into markets such as the Caribbean, Africa, Asia and the US.

Last September, the independent Lloyd’s broker hired Amwins’ Mark Ritson as director for energy.