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.
Smart also noted that in a competitive market, efficiency and service are key differentiators. To this end, K2 PI has invested in robust IT systems to support a lean operational team, which currently consists of Smart himself, with a second hire planned. This setup is designed to ensure that brokers receive the expected service levels for larger PI placements.
Smart, who joined K2 International at the end of 2025, brings extensive experience from senior roles at Newline, Argo, Aspen, and Allianz. His expertise also extends to the Australian and Canadian markets, further broadening K2 PI's potential offering to brokers.