London-based MNK International has launched a new operation in Brazil as the independent Lloyd's of London broker seeks to expand its presence in one of the world's largest insurance markets.
The new unit, MNK International Brazil, will provide re/insurance solutions to domestic and multinational clients. The operation extends the group’s footprint in Latin America and complements its existing presence in the US and the wider region.
Veteran leadership team in São Paulo
The Brazilian business will be led by CEO Sergio Clark (pictured, left) and international director Alexandre Dabus (pictured, right), both longstanding figures in the Brazilian and Latin American insurance markets.
Clark has more than 50 years of brokerage experience, including the founding and development of major brokerage operations and a joint venture with JLT prior to its sale to Marsh. Dabus has previously worked on multinational client portfolios for Gallagher’s Brazilian partner and Marsh, before joining Clark at a specialist start‑up brokerage.
A key entry point
The expansion comes as insurance markets across Latin America continue to develop, with economic volatility, inflation, infrastructure investment and natural catastrophe exposures all influencing demand for more sophisticated risk transfer solutions.
Brazil remains the region’s largest insurance market and a key entry point for international carriers and brokers seeking to build scale across Latin America, although penetration in several segments is still emerging, particularly in speciality and large commercial lines.
Globally, the insurance industry has been recovering from a period of slower premium growth. Total insurance premiums rose by 4.6% in 2024, compared with an average of 1.6% between 2019 and 2023, according to data cited in Insurance Business’s Global 100 report. At the same time, commercial insurance pricing has begun to ease after a prolonged hard market, with global commercial rates falling by 2% in the fourth quarter of 2024 following seven years of increases.
For buyers in Latin America, including Brazil, the combination of moderating rates and continued protection gaps, particularly around natural catastrophes and complex industrial risks, is creating openings for brokers that can connect local clients to international capacity and structured solutions. Increased activity in large industrial projects, energy transition, financial lines and marine trade is also expected to support demand for cross‑border programmes and London market expertise.
Linking Brazilian risks to global speciality capacity
As part of London‑headquartered MNK Group, the Brazilian operation will have access to the wider network, including managing general agents (MGAs) and other risk‑bearing entities across multiple jurisdictions.
This is expected to support the placement of complex and speciality risks in sectors such as large industrial operations, oil and gas, engineering, financial lines, marine and property, as well as other non‑standard or hard‑to‑place exposures, as Brazilian corporates continue to invest and expand at home and overseas.
The new Brazil office adds to MNK International’s existing operations in the US and Latin America and is intended to enhance the broker’s ability to support cross‑border programmes and regional growth strategies.
Strategy and outlook
Commenting on the move, MNK International CEO Naman Kumar said the Brazilian expansion formed part of the firm’s broader Latin American growth plans and would be underpinned by a leadership team with long experience in the local market. He noted that the new operation is expected to strengthen support for international clients with interests in Brazil while helping Brazilian firms access solutions available worldwide.
Outlining the strategy for the business, MNK International Brazil CEO Sergio Clark said the local market places a premium on experience, relationships and consistency. He added that the new operation aims to build a focused and efficient proposition, targeting new and emerging opportunities and using its networks to deliver solutions for clients, combining local knowledge with access to global markets.
