US Underwriter K2 Buys UK Specialist In 1st Foreign Foray
Law360, London (February 5, 2020, 11:33 AM GMT) -- Californian insurer K2 said it has snapped up Pioneer Underwriting, a struggling U.K. specialist insurer, a move that marks the first acquisition outside the US for the holding company.
Pioneer will become the “cornerstone” for further international expansion, K2 Insurance Service said in a statement on Tuesday. Pioneer closed its Lloyd’s syndicate in November, then exited several lines of business last month. The cuts now leave just four underwriting teams at Pioneer, which will write £150 million ($196 million) in premiums this year.
Pioneer said in a statement that the acquisition was an opportunity for the business to build on its strengths “in improving...
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