Key facts
- K2 PI, a managing general agent (MGA) backed by Lloyd's of London, is targeting larger professional indemnity (PI) risks.
- The company aims to compete with larger brokers by focusing on higher-risk accounts rather than SME volume.
- K2 PI's strategy involves offering a higher-touch service model for brokers.
- The MGA has 100% Lloyd's backing, allowing it to underwrite international business.
- Richard Smart, managing director, highlighted K2 PI's investment in IT systems to support a lean team.
K2 PI, a newly launched managing general agent (MGA) with full backing from Lloyd's of London, is positioning itself to compete with larger brokers by focusing on higher-risk professional indemnity (PI) accounts. Unlike many MGAs that concentrate on small and medium-sized enterprise (SME) business, K2 PI intends to underwrite fewer, larger risks to provide a more personalized service.
Richard Smart, managing director of K2 PI, explained that the firm's 100% Lloyd's backing grants it the licenses to write international business, a capability often limited for MGAs backed by UK insurance companies. This strategic advantage allows K2 PI to target a broader and potentially more lucrative segment of the market.