K2 is a leading specialty MGA with more than 20 active programs across various niches. They currently manage over $1 billion in premium, including $150 million in manufactured home premium. American Family Insurance has been providing insurance services and products for more than 90 years and has a Financial Strength Rating of ‘A’ (Excellent) from AM Best.
Reiner R. Mauer, GBLI’s chief operating officer, said, “This transaction supports GBLI’s strategy to focus on core small and middle-market commercial lines that drive long term consistent and sustainable profitability. We expect this transition will be seamless for our agents and policyholders. We encourage our agents to partner with K2, a world-class MGA, and are pleased that our policyholders will be with a carrier that has the reputation and financial strength of American Family Insurance.”
Bob Kimmel, chief executive officer of K2 Insurance Services, said, “It was great to work with the GBLI team on closing this transaction. We look forward to partnering with the agents to place this business with our great underwriting partner, Homesite.”
About Global Indemnity Group, LLC and its subsidiaries
Global Indemnity Group, LLC (NASDAQ:GBLI), through its several direct and indirect wholly owned subsidiary insurance companies, provides both admitted and non-admitted specialty property and specialty casualty insurance coverages and individual policyholder coverages in the United States, as well as reinsurance worldwide.
About K2 Insurance Services, LLC and its subsidiaries
K2 Insurance Services (K2) is an insurance services holding company, which owns and controls a diverse set of specialty program administrators. Through its MGAs, K2 markets, underwrites, and services over $1 billion annually in niche commercial and personal insurance premiums. From workers’ compensation for high hazard exposures such as commercial transportation to personal lines coverage for manufactured homes, K2 helps insure clients across a diverse array of risks and industries. K2 is headquartered in San Diego, California and is a privately held company.