San Diego, Calif.-based K2 Insurance Services has acquired Aegis Security Inc. in Harrisburg, Penn. Terms of the acquisition were not disclosed.
Aegis Security specializes in insurance for manufactured homes, motorcycles, travel trailers, select-value dwellings and other specialty insurance products.
With the acquisition, K2 comprises a specialty insurance franchise that is expected to generate approximately $165 million of gross written premiums in 2013.
MGAs sell insurance coverage to their clients, but differ from other agents and brokers in that they are authorized by insurers to underwrite and bind risks. While they underwrite and provide services to policyholders, their insurance company partners bear the financial exposure of the insurance products. The lines of insurance MGAs specialize in comprise their insurance programs.
K2 Insurance Services was formed in 2011 in partnership with investment firm Endeavour Capital to acquire managing general agencies (MGAs) and specialty underwriters to create a franchise in the insurance program market.
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