Warburg Pincus’ K2 Launches London-Based MGA, K2 Rubicon Specialty

June 21, 2024

K2 International, the specialty re/insurance underwriting platform that is owned by private equity firm Warburg Pincus, announced the launch of a London-based MGA called K2 Rubicon Specialty.

The new MGA division was founded by four market veterans from Ascot Group: Gavin Wall (Ascot’s former executive underwriter); Parth Patel (Ascot’s former chief risk officer); Chris McGill (Ascot’s former head of Cargo and active underwriter at Parsyl Syndicate 1796); and Matt Eve (former property class underwriter).

K2 Rubicon Specialty will write in the London market across multiple lines including marine and US property.

London-based K2 International (formally operating as K2 Group Holdings) is a unit of K2 Insurance Services, the insurance services holding company in San Diego that owns and controls a set of MGAs – marketing, underwriting and servicing over $1 billion annually in niche commercial and personal insurance premiums.

“We are delighted to join K2’s expanding MGA platform in London, which prioritizes underwriting excellence and exceptional client service,” said Wall in a statement. “I’m excited to lead this team of seasoned insurance professionals and leverage all the benefits that an MGA platform such as K2 Insurance Services provides.”

“We’re thrilled to launch this new division and welcome such skilled underwriting talent to our team,” said Richard Coello, CEO of K2 Group Holdings Ltd. “Their expertise will significantly enhance our profile and capacity provider offering in the market.” (K2 Group Holdings, or K2 International, expects gross written premium of more than $150 million across its four business sectors of property catastrophe, commercial property financial institutions and credit.)

“The growth of K2 International is a strategic priority for us. The launch of K2 Rubicon Specialty, combined with the addition of such highly regarded insurance services talent, will be a powerful driver of K2 International’s success,” commented Bob Kimmel, CEO and co-founder of K2 Insurance Services, which was purchased by Warburg Pincus in 2022.

Source: K2 International (K2 Group Holdings)

Topics Excess Surplus New Markets Insurance Wholesale London

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