Ropes & Gray Advises K2 on Acquisition of Pioneer Underwriters
Ropes & Gray has advised K2 Insurance Services – a portfolio company of Lee Equity Partners, the US private equity firm – on its acquisition of Pioneer Underwriters, a London-headquartered underwriting services organisation.
The deal, which has announced today, will see Pioneer’s ongoing underwriting portfolio, together with underwriting and support staff, transfer to K2, a specialty insurance services holding company, headquartered in San Diego, USA. The transaction is expected to close by the end of Q2, subject to the necessary regulatory approvals. Terms of the transaction have not been disclosed.
The transferred business will comprise underwriting units specialising in Property Catastrophe Reinsurance, Financial Institutions, International Property Facultative and Marine Specialty. These units will continue to be based in London and will form the cornerstone for future growth in K2’s international platform. Together the units will underwrite approximately £150m of gross written premium in 2020, all of which is supported by high quality capacity providers.
Other members of the team included private equity transactions partner Scott Abramowitz, in New York, and tax partner Brenda Coleman, private equity transactions associate David Dowling and trainee solicitor Chad Parkinson, all based in the firm’s London office.