Lloyd’s broker deepens presence in African continent
22/06/22 – MNK Re Group, the leading independent broker of worldwide specialist risks into Lloyd’s, is pleased to announce the appointment of Steven Oluoch as Chief Executive of its new Kenya and East Africa office.
Oluoch is a seasoned and renowned reinsurance and insurance professional with 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, bringing with him an in depth understanding of the East African market, as well as a large network of contacts across Africa. A key part of his role will be to expand MNK Re’s presence in Kenya 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 top-rated international insurers and reinsurers, the new MNK Re subsidiary, will offer East Africa clients a gateway to international capacity and specialised premium covers.
Oluoch has spent the majority of his career working for some of COMESA’s leading insurance companies. He has gained hands-on experience in the management of both reinsurance and non-life insurance operations, and has served on the boards of a life assurance company and a trustee services company with operations across East Africa.
He has gained industry recognition for this work, having been awarded the Lifetime Achievement Award at the Think Business Insurance Industry Awards in 2018.
Manoj Kumar, Group Chief Executive and Managing Director of MNK Re Limited said:
“Steven was the natural choice to lead our new Kenyan subsidiary. 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.”
“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.”
On joining MNK Re Group and launching MNK Re Kenya, Steven Oluoch said:
“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.”