Freshly backed by Lloyd’s of London, K2 PI, which specialises in professional indemnity, has its sights set on competing with larger brokers through its broker-neutral managing general agent (MGA) model.
Speaking to City AM, Richard Smart, managing director of K2 PI, explained, “We’ve got 100 per cent Lloyd’s backing, which means we have licences to write international business, whereas many MGAs have UK insurance company backing, which limits them to UK business.”
As a result, the underwriter has positioned itself to look at the bigger end of town, such as higher-risk accounts, whereas most MGAs tend to focus on SMEs. “Unlike many MGAs that chase SME PI volume, K2 PI is…focusing on fewer, larger risks in order to offer a higher-touch service model for brokers,” Smart noted.
“We have our own syndicate in a box (SIAB) within K2 that eventually will be backing all the lines of business that we write… so we have skin in the game, which I don’t think there’s any other MGAs that have got that,” he added.
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