K2 acquires American Reliable’s specialty property business
The specialty property business of American Reliable – part of Global Indemnity Insurance Group (GBLI) – has been acquired by K2, with the deal including the company’s manufactured home and dwelling lines.
Financial terms were not disclosed.
MGA K2 said it was committed to transferring and renewing American Reliable’s specialty property business, which will be underwritten by Homesite Group, a subsidiary of American Family Mutual Insurance Company.
K2 manages more than $1bn in premium, including $150mn in manufactured home premium.
GBLI COO Reiner Mauer said: "This transaction supports GBLI's strategy to focus on core small and middle-market commercial lines that drive long-term, consistent and sustainable profitability.
“We expect this transition will be seamless for our agents and policyholders.”
K2 CEO Bob Kimmel added: "It was great to work with the GBLI team on closing this transaction. We look forward to partnering with the agents to place this business with our great underwriting partner, Homesite."