K2 ACQUIRES PIONEER UNDERWRITERS BUSINESS IN LONDON

Specialty insurance holding company K2 Insurance Services LLC has agreed to acquire London-based managing general agent Pioneer Underwriters. The deal will see Pioneer’s ongoing underwriting portfolio, together with underwriting and support staff, transfer to K2. Pioneer’s property cat reinsurance, financial institutions, international property facultative and marine specialty units in London will form the “cornerstone for future growth” in K2’s international platform. Bob Kimmel, CEO of San Diego-based K2 said: “This is a milestone for our business – our first acquisition outside of the US and the start of our international expansion strategy”. The transaction is expected to close by the end of Q2, subject to the necessary regulatory approvals. Terms of the transaction were not disclosed.