Private equity firm Lee Equity Partners has agreed to acquire a majority stake in K2 Insurance Services, a San Diego based property and casualty services provider.
K2's experienced senior management team, under the leadership of Bob Kimmel, President and CEO, will continue to lead the company and will retain a meaningful equity stake in the business. As part of the transaction, K2’s specialty insurance carrier, Aegis Security Insurance Company, will be spun off and remain under the ownership of Endeavour Capital and Patrick Kilkenny. The transaction is expected to close in the second quarter of 2019. Financial terms of the transaction were not disclosed. Based in San Diego, California, K2 is a specialty insurance services holding company, which owns a diverse group of MGAs that underwrite and distribute specialty property and casualty insurance products. K2’s fourteen MGAs each serve a unique, niche insurance end market. In aggregate, K2’s program managers write over $650 million of specialty insurance premiums.