Property and casualty insurer Global Indemnity Group (GBLI) has sold its American Reliable specialty residential property business to specialty MGA K2 Insurance Services.
Following the sale, K2 will transfer and renew the American Reliable specialty residential property business, which will be underwritten by Homesite Group, a subsidiary of American Family Mutual Insurance Company.
K2 currently manages over $1 billion in premium, including $150 million in manufactured home premium.
American Family Insurance has been providing insurance services and products for more than 90 years and has a Financial Strength Rating of ‘A’ (Excellent) from AM Best.
“This transaction supports GBLI’s strategy to focus on core small and middle-market commercial lines that drive long term consistent and sustainable profitability,” said Reiner R. Mauer, GBLI’s Chief Operating Officer.
“We expect this transition will be seamless for our agents and policyholders,” he continued. “We encourage our agents to partner with K2, a world-class MGA, and are pleased that our policyholders will be with a carrier that has the reputation and financial strength of American Family Insurance.”
Bob Kimmel, Chief Executive Officer of K2 Insurance Services, also commented: “It was great to work with the GBLI team on closing this transaction. We look forward to partnering with the agents to place this business with our great underwriting partner, Homesite.”
