K2 Group Holdings Limited (K2 International), a London-based specialty re/insurance underwriting platform and a division of K2 Insurance Services, has launched K2 Professional Indemnity Limited (K2 PI), a new division that will underwrite international (non-U.S.) professional liability business on behalf of a group within the Lloyd’s of London syndicate.
The new unit, founded by Richard Smart, will reportedly strengthen K2 International’s professional investment portfolio and complement its existing financial product range, which includes K2 Financial, K2 Professional (US professional liability business) and the newly acquired K2 Executive Risk.
Smart, who will serve as managing director of K2 PI, is a 40-year London market veteran who has held senior underwriting roles at Newline, Aspen and Allianz.
He commented: “I am delighted to be joining K2 International to establish this new division. I am confident that with the support of Lloyd’s there will be real interest in a dedicated international professional indemnity product.
“K2’s entrepreneurial culture provides the perfect platform to deliver exceptional service to our brokers and outperform the market for our operators.”
Richard Coello, CEO of K2 International, said: “We are very pleased to begin trading with K2 Professional Indemnity.
“Richard Smart is a proven leader in this space and we look forward to seeing the growth and value he will bring to our broker partners and capacity providers.”
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