K2 Insurance Services LLC, an independent specialty insurance program manager, has signed a new multi-year deal with global catastrophe risk modeling and solutions firm, Moody’s RMS.
The new multi-year deal, which covers three of K2’s managing general agents (MGAs), K2 CAT, K2 Property D&F, and Vikco Insurance Services LLC, includes the adoption of a variety of Moody’s RMS risk models covering perils such as earthquakes, floods, severe convective storms, windstorms and hurricanes, across the globe.
At the same time, this new deal will enable K2 to continue to confidently underwrite natural catastrophe risks as well as drive further growth within its classes of business.
“It has been a successful few years for K2 Insurance Services, most recently with significant investment from Warburg Pincus to support K2’s continued growth strategy and our commitment to offering best-in-class services to our clients,” said David Carson, Head Underwriter, K2 CAT.
He continued: “Moody’s RMS has played an important role in our success story, providing a key tool in our rating methodology, ensuring we price and manage our exposures as accurately and efficiently as possible. We are excited to continue working closely with their reliable and capable team as we extend our long-term partnership even further.”
Jason Futers, Managing Director, Moody’s RMS, added: “We are thrilled to continue working with K2 Insurance Services and their underwriters as they strive to provide thorough coverage for natural catastrophe perils across the world. We are also very proud to play a role in supporting the business’ continued expansion.”
Meanwhile, Moody’s Risk Management Services (RMS) recently reviewed outlooks for the 2023 hurricane season. The firm said that they are indicating that a near-normal season is most likely due to the competing and opposing influence of key factors such as the El Niño-Southern Oscillation (ENSO) and above-average North Atlantic Sea surface temperatures.
