K2 Acquires Rockhill Insurance Group’s General Liability and Gas & Propane Distribution Businesses

(March 1, 2018) – K2 Insurance Services, LLC (K2) has announced it has acquired the Rockhill Insurance Group’s (Rockhill) General Liability and Gas & Propane Distribution lines of business. Rockhill is a subsidiary of State Automobile Mutual Insurance Company (State Auto). The transaction includes K2’s purchase of Rockhill subsidiary Partners General Insurance Agency, LLC (PGIA). The PGIA General Liability operations will continue in its current locations of Simi Valley, Calif.; Naperville, Ill.; Richmond, Va.; and Dallas, Texas. The Gas & Propane Distribution operations will continue under K2 in the current Conway, Ark. office. Financial terms of the transaction were not disclosed. Keefe, Bruyette & Woods, Inc., a Stifel Company, served as financial advisor to State Auto in the transaction.
K2 President and CEO Bob Kimmel commented, “We have known the principals of these diverse business segments for several years and are excited to be bringing their expertise to the K2 platform.”
State Auto President and CEO Mike LaRocco noted, “This agreement with K2 is an excellent outcome for the General Liability and Gas & Propane Distribution teams. I wish them much success going forward.”

About State Auto
State Automobile Mutual Insurance Company, headquartered in Columbus, Ohio, is a super-regional property and casualty insurance holding company. The company is primarily engaged in writing personal and business insurance products exclusively through independent insurance agencies in 33 states and is proud to be a Trusted Choice® company partner.
State Auto Mutual is part of the State Auto Group. The State Auto Group markets its insurance products throughout the United States, through independent insurance agencies, which include retail agencies and wholesale brokers. The State Auto Group is rated A- (Excellent) by the A.M. Best Company and includes State Automobile Mutual, State Auto Financial Corporation, State Auto Property & Casualty, State Auto Ohio, State Auto Wisconsin, Milbank, Meridian Security, Patrons Mutual, Rockhill Insurance, Plaza Insurance, American Compensation and Bloomington Compensation. Additional information can be found online at http://www.StateAuto.com.

About K2
K2 Insurance Services, LLC (“K2”) is a specialty insurance services holding company, which owns and controls a diverse set of program administrators, retail agencies, and two A.M. Best “A” rated insurance carriers. Through these entities K2 markets, underwrites and services in-excess-of half a billion dollars annually in niche driven commercial and personal insurance premiums. Since its formation in 2011, the company has grown to become a significant player in the specialty insurance market and continues to grow through new acquisitions and organically. K2 is headquartered in San Diego, California and is a privately held company.

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K2 Insurance Services Acquires Affinity Specialist Star & Shield Insurance

Over the past several years, K2 (www.k2ins.com) has assembled a core group of specialty insurers and MGAs across the country. Based in San Diego, California, K2 was formed in 2011 by Chairman Pat Kilkenny and President & CEO Bob Kimmel, in partnership with investment firm Endeavour Capital. Pat and Bob have over 60 years of combined industry experience. Pat formerly ran and owned Arrowhead General Insurance, an industry leading general agency with more than $1 billion in written premiums. Bob served as Executive Vice President and MGA Practice Leader at Guy Carpenter, an insurance intermediary and a division of Marsh & McLennan Companies.

Offering a wide array of insurance products through multiple leading insurers, inclusive of product features that address specific needs of Public Safety personnel, Star & Shield is dedicated to serving those who put their lives on the line every day. President and CEO, Allen Durham has over 20 years of experience in the insurance and reinsurance industry with over two-thirds of his career working with the public safety sector.

“Allen and his team are building a significant provider of insurance products and services for a very special group of people, our first responders and their families. We are proud to add the Star & Shield brand to the K2 partner portfolio and help expand the platform nationally,” said Bob Kimmel, K2’s President & CEO.

“K2 brings a significant amount of expertise and product availability to Star & Shield. We are very excited to be a part of the K2 family. The alignment with K2 provides additional catalyst as we expand the Star & Shield product offering and grow Star & Shield to a national presence, further advancing our mission of serving those who serve and protect us,” said Allen Durham, Star & Shield’s President & CEO.

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Allied Public Risk Acquisition Announcement

Allied Public Risk is proud to announce the acquisition of Alteris’ WaterPlus, FirePlus, and JPRIMA programs. Twenty-one Alteris employees transitioned to Allied Public Risk as part of the acquisition. The agency’s new leadership team comprises Paul Fuller (CEO), Stephanie Gilmore (President/COO), Vickie Kartchner (President-in-Transition/Primary Practice Head), Margaret Zechlin (Executive Vice President/Alternative Practice Head), and George Pappas (Senior Vice President/Distribution).

Allied Public Risk has a rich tradition of providing innovative pooling, reinsurance, excess casualty, retention, and primary products to a wide array of public entities. The Primary Practice will consist of MuniPlus, WaterPlus, FirePlus, and JPRIMA programs. The Alternative Practice portfolio remains unchanged.

Allied Public Risk is a subsidiary of K2 Insurance Services, LLC of San Diego which was formed in 2011 by industry executives Pat Kilkenny and Bob Kimmel, in partnership with Endeavour Capital.

If you have any questions, please contact Paul Fuller at pfuller@alliedpublicrisk.com

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PRESS RELEASE | K2 Insurance Services Acquires High Point Underwriters

Partnership with Midwestern Insurance Alliance enhances occupational accident insurance offering

SOLANA BEACH, CA – K2 Insurance Services, LLC (K2), formed in 2011 to acquire managing general agencies (MGAs) and specialty program administrators and underwriters to create a leading franchise in the insurance program market, has acquired Morris Plains, New Jersey-based High Point Underwriters.

Concurrently with the acquisition, High Point, together with Midwestern Insurance Alliance, have partnered with QBE North America to administer a national workers’ compensation and occupational accident insurance program. Louisville, Kentucky-based Midwestern Insurance Alliance, led by Marc Risen, is a national workers’ compensation program administrator focused on the transportation industry.

The coverage will be provided through QBE North America’s A.M. Best “A” rated insurance companies on both an admitted and non-admitted basis.

The combination of K2’s workers’ compensation specialist, Midwestern Insurance Alliance, and High Point establishes a diversified national insurance solution for both employee drivers and independent contractor owner operators.

“David King and Roman Atkielski have built High Point into a prominent occupational accident program administrator and will continue to lead the business day-to-day,” commented K2 President Bob Kimmel.

“High Point and its team bring a wealth of valuable expertise in occupational accident insurance for independent contractors, and we are excited to partner with David and Roman in expanding their franchise nationally. We believe the combination of a specialized, successful occupational accident product and a focused trucking workers’ compensation program with thirty years of expertise and distribution offers a compelling value proposition to the marketplace.”

“At the same time, K2 will continue to seek other acquisition and growth opportunities around the country,” Kimmel added.

“We are pleased to join forces with K2, High Point, and Midwestern Insurance Alliance. This partnership provides QBE with new opportunities to expand our business and bring our innovative workers’ compensation solutions to the market,” said Glenn Skrynecki, Interim Senior Vice President, Programs, QBE North America.

High Point will also continue to write occupational accident insurance on behalf of Lloyds of London.

About K2

K2 was formed by Kimmel and Pat Kilkenny, Chairman and CEO of K2, in partnership with investment firm Endeavour Capital. Additional information is available at www.k2ins.com.

About QBE

QBE North America is part of QBE Insurance Group Limited, one of the largest insurers and reinsurers worldwide. QBE NA reported Gross Written Premiums in 2015 of $4.6 billion. QBE Insurance Group’s 2015 results and additional information can be found at www.qbena.com.

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K2 Insurance Services, LLC Acquires Specialty Insurer Aegis Security Insurance Group

K2 Insurance Services, LLC (K2), formed in 2011 to acquire managing general agencies (MGAs) and specialty underwriters to create a leading franchise in the insurance program market, has acquired Harrisburg, Penn.-based Aegis Security Inc. (Aegis).

The combination of K2 and Aegis establishes a diversified national platform of specialty insurance programs:

* Aegis Security Insurance Company, which specializes in insurance for manufactured homes, other low-value dwellings and motorcycles. The company also underwrites surety bonds and other “niche” lines of insurance. Licensed in all 50 states, Aegis is rated “A” (Excellent) by the A.M. Best Company.
* American Sentinel Insurance Company, which specializes in accident and health insurance coverage for individuals and groups. American Sentinel is also “A”-rated.
* Mobile-Rec, an MGA focused on manufactured housing that underwrites business on behalf of Aegis Security Insurance Company.
* Cabrillo Pacific Insurance Services, LLC, a San Diego-based MGA that is part owned by Aegis. Cabrillo specializes in personal auto, homeowners’ and surplus lines insurance. Cabrillo also underwrites on behalf of Aegis, as well as other insurers.
* Midwestern Insurance Alliance, LLC, a Kentucky-based MGA that underwrites workers’ compensation coverage in 16 states. Midwestern was acquired by K2 in February 2012.
* Mission Select Insurance Services, LLC, a Texas-based MGA specializing in residential property insurance in Texas and surrounding states. Mission Select was formed by K2 in October 2012.

With the acquisition, K2 comprises a specialty insurance franchise that is expected to generate approximately $165 million of gross written premiums in 2013.

“The management team at The Aegis Group leads a very well-run, highly successful enterprise,” commented K2 President Bob Kimmel. “Aegis brings industry-leading expertise in its chosen lines of business, and we intend to provide them with additional resources to expand their franchise nationally. We believe the combination of specialized, successful MGAs and a well capitalized, nationwide carrier offers a compelling value proposition to the marketplace.

“At the same time, K2 will continue to seek other acquisition and growth opportunities around the country,” Kimmel added.

“The acquisition will not only help The Aegis Group expand with its current products, but will help us to diversify into other lines of business,” said Marty Lane, chairman, The Aegis Group. “With expanded capabilities, working with K2, we will be able to extend our franchise as a leading property-casualty insurance company nationwide.”

MGAs sell insurance coverage to their clients, but differ from other agents and brokers in that they are authorized by insurers to actually underwrite and bind risks. While they underwrite and provide services to policyholders, their insurance company partners bear the financial exposure of the insurance products. The lines of insurance MGAs specialize in comprise their insurance “programs.”

K2 was formed by Kimmel and Pat Kilkenny, chairman and CEO of K2, in partnership with investment firm Endeavour Capital.

Terms of the acquisition were not disclosed.

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