San Diego, Calif.-based managing general agent K2 Insurance Services LLC has acquired a majority stake in Midwestern Insurance Alliance Inc., an MGA based in Louisville, Ky. that underwrites workers’ compensation coverage with a focus on transportation.
Terms of the deal were not disclosed.
The investment is the first for K2, formed in 2011 to invest in other MGAs and build a national insurance program business franchise. With the added capital support, Midwestern will expand its territory to 17 states, including Texas and California.
Fifty-two-year-old Midwestern reports annual gross written premiums of $35 million. Midwestern previously underwrote business in Arkansas, Georgia, Indiana, Kansas, Kentucky, Missouri, South Carolina and Tennessee. Beside California and Texas, its expanded territory now includes Alabama, Nevada, Utah, Louisiana, Mississippi, North Carolina and Virginia.