Lloyd's broker MNK Re launches residual value insurance centre
Specialist Lloyd’s broker MNK Re has launched a residual value insurance (RVI) centre of excellence with the appointment of Robert Prince as practice leader.
MNK explained that RVI is used as an asset financing tool for enhancing financing arrangements and can provide leverage to improve overall finance terms. It is also used to deliver financial benefits in the form of balance sheet protection.
Prince has over 20 years of experience in residual value insurance, having worked with several Lloyd’s brokers in the past.
“Due to excellent global underwriting capacity and consistently high demand, RVI is a growing class of business supporting asset-based finance for the aviation, marine, energy, rail rolling stock, commercial equipment and commercial real estate sectors. RVI provides the client and asset financiers with certainty of an asset value for a pre-determined time in future, an invaluable means of providing guaranteed future asset values,” said Manoj Kumar, CEO and managing director of MNK Re.
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