K2 Group Holdings Limited, a division of K2 Insurance Services and a leading specialty insurance and (re)insurance underwriting platform based in London, announces the launch of K2 Credit.
This division founded by Benedict Gedye and Josh Madeiros will write comprehensive Non-Payment Insurance “across Single Risk and Portfolios for businesses in the Non-Bank sector.”
K2 Credit is backed by Lloyd’s licensing (AA- rated) and led by QBE, with additional backing from Lloyd’s of London syndicates.
K2 Credit provides solutions across single risks and multi-buyer portfolios, including excess of loss (XOL), with “capacity over $20 million for any one obligor risk and a maximum aggregate limit of over $100 million across portfolios.”
Specializing in trade-related, short to medium-term business, K2 Credit is committed to delivering “coverage tailored to client needs.”
Richard Coello, CEO of K2 International said:
“I’ve been particularly excited to see the development of this offering, as it focuses on the same underserved client base as the one K2 Financial was formed to support – the non-bank investment sector. In turn, I look forward with great anticipation to seeing how the plan progresses, under Ben and Josh’s expert stewardship.”
As mentioned in the announcement, K2 Group Holdings Ltd is a specialty insurance and reinsurance underwriting platform “based at the heart of the London market.”
It is owned by K2 Insurance Services, an underwriting and distribution franchise in the US program insurance market. Its underwriting “divisions include: Property Catastrophe, Commercial Property, Financial Institutions, Marine, Political Violence, Terrorism and Credit.”
As noted in the update, K2 Insurance Services is an insurance services holding company that owns and controls a “set of MGAs, marketing, underwriting, and servicing over $1 billion annually in niche commercial and personal insurance premiums.”
Their mission is to protect what matters most to partners and clients through specialty insurance products, “distributing programs through direct, retail, and wholesale channels.”
Formed and led by insurance industry veterans and backed by Warburg Pincus, K2 is focused on specialty insurance programs.