US program manager K2 Insurance Services has established K2 International, a London-based specialty insurance and reinsurance underwriting platform.
K2 International was created through the acquisition of the property catastrophe, commercial property, financial institutions and marine insurance and reinsurance books of Pioneer Underwriters.
The acquired business is expected to underwrite up to $200m of premium in 2020.
K2 International’s plans include organic growth, attracting talented underwriting teams, and acquiring high-quality specialist MGAs. K2 commented that all the acquired business’ (re)insurance partners remain in place following the transaction.
The business will be chaired by K2 Insurance Services CEO Bob Kimmel 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.
The Pioneer deal was announced in February, with the two companies signing on its terms last month. Pioneer will continue to fulfil its obligations to clients and capital providers of Syndicate 1980 and discontinued MGA underwriting activity.