The damage insurer Global Indemnity Group (GBLI) has sold its US business specializing in reliable residential real estate to MGA K2 Insurance Services.
Following the sale, K2 will transfer and renew the specialty residential property business of American Reliable, which will be underwritten by Homesite Group, a subsidiary of American Family Mutual Insurance Company.
K2 currently manages over $ 1 billion in premiums, including $ 150 million in manufactured home premiums.
American Family Insurance has been providing insurance products and services for over 90 years and has earned an “A” (excellent) financial strength rating from AM Best.
âThis transaction supports GBLI’s strategy to focus on core business lines in small and medium markets that generate consistent and sustainable profitability over the long term,â said Reiner R. Mauer, COO of GBLI.
âWe expect this transition to be smooth for our agents and our policyholders,â he continued. “We encourage our agents to partner with K2, a world-class MGA, and are delighted that our policyholders are with an insurer who has the reputation and financial strength of American Family Insurance.”
Bob Kimmel, CEO of K2 Insurance Services, also commented: âIt was great working with the GBLI team to complete this transaction. We look forward to partnering with agents to place this business with our great underwriting partner, Homesite. “