Global growth investor Warburg Pincus has acquired K2 Insurance Services (K2), a specialty insurance programme manager, from Lee Equity partners, LLC (Lee Equity), a private equity firm.
According to K2, the investment will support the firm's continued growth strategy, including M&A and the de-novo incubation.
The terms of the transaction were not disclosed.
K2 has a diversified portfolio of 24 specialised programmes across four key segments: specialty commercial, specialty transportation, international, and personal lines. They also provide a number of centralised services to managing general agents.
Bob Kimmel, CEO and co-founder, says: “I am incredibly proud of our achievements and growth since K2 was founded over ten years ago. Partnering with Warburg Pincus, who has a long-standing track record of cultivating world-class businesses, reflects the hard work and strong culture of our team, and loyalty of our customers.”
Jeff Stein, managing director at Warburg Pincus, adds: “As a long-term investor in the insurance sector, we believe K2 has significant growth potential and are excited to partner with Bob and the K2 team to build upon the company’s history of success, and expand their offerings in this dynamic and growing market.”
