MNK Group completes the acquisition of 100 per cent of ETU Forsikring, a Danish non-life insurer, following approval from the Danish Financial Supervisory Authority (Finanstilsynet). ETU Forsikring has been authorised since 2006 and is headquartered in Rødekro, Southern Jutland. The insurer becomes the first dedicated risk carrier for MNK Group in the European Union. ETU Forsikring is authorised across 11 non-life classes, including property covering fire and other damage, general liability, motor, marine hull and liability, goods in transit, accident, legal expenses and assistance. The insurer holds freedom-of-services passports into Sweden and Norway, and into Germany, Austria, France, Italy, Greece and Malta. MNK Group is committing new capital to the business and intends to grow the existing Danish and Nordic franchise, continuing to serve ETU Forsikring policyholders and distribution partners while investing in people, products and technology in Denmark. Over time the group intends to develop the insurer into a hub for wider European operations, with further lines of business to follow, subject to regulatory approval. For brokers, coverholders and capacity partners in Denmark, the Nordics and across the EU and European Economic Area (EEA), the acquisition provides access to a Solvency II-regulated carrier backed by MNK Group underwriting expertise, Lloyd’s broking capability and MGA network. Manoj Kumar, founder and group chief executive officer of MNK Group, says: "Denmark combines a highly respected regulatory environment with genuine leadership in digital adoption, and our first commitment is to ETU’s Danish policyholders and partners: to build a stronger, well-capitalised insurer serving Denmark and the Nordic region." Kumar adds: "From that foundation, ETU gives us a regulated EU carrier from which we can expand our capabilities, strengthen our partnerships and deliver more for clients across Europe. This acquisition reflects a long-term commitment, and we look forward to building our presence locally and deepening our relationships across the Nordics and the wider European market." MNK Group operations span the UK, continental Europe, the US, Latin America, Bermuda, the Middle East and Asia. The group brings together Lloyd’s broker MNK International, formerly MNK Re, the Specialty MGA network in the UK, Italy, the US and the Middle East, and reinsurance companies Mekong Re in Labuan, Florida Re and MNK Seguros.
