Pioneer Underwriters and K2 Insurance Services have announced that they have signed terms for a transaction that will transfer Pioneer’s ongoing underwriting portfolio, along with underwriting and support staff, to K2. The transaction is expected to close by the end of the second quarter, subject to regulatory approval.
The transferred business includes underwriting units specialising in property catastrophe, reinsurance, financial institutions, international property facultative and marine specialty. The units will continue to be based in London. Together they will underwrite about £150 million in gross written premium this year.
K2 and Pioneer have implemented a transition services agreement to allow for cooperation between the two businesses during the rest of this year to ensure a smooth transition.
“We are very pleased to have signed terms with K2,” said Andrew McMellin, CEO of Pioneer. “The deal agreed ensures a seamless transition for our clients and broker partners, who have been incredibly supportive. K2 combines strong financial backing with a diversity and ambition that is exciting for the teams joining them. They are an excellent operation, and one we look forward to working with over the coming months.”