Pioneer Underwriters completes merger deal with K2 Insurance

London-based MGA Pioneer Underwriters has completed the merger agreement with specialty insurance services holding company K2 Insurance Services.

Under the deal, Pioneer has transferred its underwriting portfolio to K2, which will underwrite approximately £150 million of gross written premium in 2020.

The transferred business comprises underwriting units specialising in property catastrophe reinsurance, financial institutions, international property facultative and marine specialty.

Andrew McMellin, chief executive officer of Pioneer, said: “We are very pleased to have completed this transaction with K2, particularly in light of the operational challenges that COVID-19 has created. We have an excellent relationship with K2 and remain committed to ensuring a seamless service to our customers, brokers and other stakeholders through our transition services agreement. We look forward to working with K2 and wish them every success in their future development.”

Bob Kimmel, CEO of K2, said: “I want to thank all parties for working to get this transaction over the line in what is an unprecedented and challenging climate. This transaction marks the start of K2 International and we begin with teams who have excellent relationships and distribution channels, and are comprised of high calibre individuals. This is an exciting time for K2.”