K2 Insurance Services, the underwriting and distribution specialist in the U.S. program insurance market, announced the launch of K2 International, a specialty insurance and reinsurance underwriting platform, based in London.
K2 International has been created through the acquisition of Pioneer Underwriters and its property catastrophe catastrophe, commercial property, financial institutions, marine insurance and reinsurance books of business. It expects to underwrite up to $200 million of premium in 2020.
The purchase of Pioneer was completed last week.
K2 International said its plans include: organic growth, attracting talented underwriting teams, and acquiring high-quality specialist managing general agents (MGAs). It aims “to deliver exceptional underwriting services to its re/insurance partners, all of whom remain in place following the transaction.”
The business will be chaired by Bob Kimmel, CEO of K2 Insurance Services, and run on a day-to-day basis in London by a leadership group comprising David Carson, Richard Coello, Robert Coker, Andrew Corton and Simon Holt.
“This is an exciting step in K2’s ambitious international expansion. The K2 International team has outstanding underwriting skill, distribution and relationships that will be instrumental in our success,” commented Kimmel in a statement.
“The experience of building a successful U.S. franchise over the past nine years and the quality of the K2 International offering, gives me confidence about our future,” he added. “I am certain we will see significant growth and will attract like-minded individuals to join us as we expand to better serve our clients, carriers, brokers and investors wherever they are located across the globe.”
About K2 Insurance
Based in San Diego, Calif., K2 Insurance Services LLC was formed in 2011 by industry veterans Pat Kilkenny and President and CEO Bob Kimmel. Lee Equity Partners acquired a majority ownership interest in May 2019, with the objective to create a leading underwriting and distribution franchise in the program insurance market. Over the past nine years, K2 has assembled a core group of specialty insurers and MGAs located across the United States and in 2020 founded K2 International in London to further its expansion internationally.
Source: K2 International
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