K2 COMPLETES ACQUISITION OF PIONEER’S ONGOING BUSINESS

Pioneer Underwriters and K2 Insurance Services have completed a deal that transfers Pioneer’s ongoing underwriting portfolio and underwriting staff to the California based specialty insurer. The transferred business comprised of Pioneer’s property catastrophe reinsurance, financial institutions, international property facultative and marine specialty underwriting teams in London. Together the units are expected to underwrite £150m of gross written premium in 2020. The transferred business will form the basis of K2 International while London-based Pioneer says it will continue to fulfil its obligations to clients and capital providers of Lloyd’s syndicate 1980 and discontinued MGA underwriting activity. The terms of the transaction, first announced in February, have not been disclosed.