K2 launches new re/insurance platform in London, seals Pioneer deal
K2 International, a new specialty insurance and reinsurance underwriting platform, has been launched in the UK following the completion of a merger deal with London-based MGA Pioneer Underwriters.
Under the deal, Pioneer transferred its property catastrophe, commercial property, financial institutions and marine insurance and reinsurance books to K2 Insurance Services, an underwriting and distribution franchise in the US programme insurance market.
K2 International expects to underwrite up to $200 million of premium in 2020.
The company said that it has "highly ambitious" plans for the new platform, including organic growth, attracting talented underwriting teams, and acquiring high-quality specialist MGAs.
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.
Nathan Hunter, director of K2 International, said: “We are set to deliver targeted distribution to our capital via in-depth, innovative underwriting, all of which are fundamental to our ambition to make the K2 Group the leading virtual (re) insurer in the world.”
Kimmel said: “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. The experience of building a successful US franchise over the past 9 years and the quality of the K2 International offering, gives me confidence about our future. 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.”
