K2 Insurance Services Announced Sale to Lee Equity

K2 Insurance Services (“K2”) announced the sale of its MGA operations to Lee Equity (“Lee”)

• K2 acquired by Endeavour Capital, Pat Kilkenny and Management shareholders
• Transaction did not include affiliated insurance carrier Aegis Security Insurance Company (“ASIC”)
  • ASIC carved out of K2 transaction and remains with selling shareholders
• Transaction officially closed on May 29th, 2019

Formed in 2011, K2 has quickly become one of the largest independent MGAs in the P&C industry

• Founded and led by industry experts Pat Kilkenny and Bob Kimmel with the backing of Endeavour
• Headquartered in San Diego, California and employs over 300 people across the country

K2 is a specialty MGA platform offering differentiated U/W expertise in niche lines of business

• Manages over $650mm of premium with a distribution network of over 12,000 distribution sources(a)
• Comprises of 14 operating agencies(a) each with distinguishable product prowess in:
  • Specialty personal lines, workers’ comp, public entity, comm’l transportation, surety, earthquake and A&H
• Supported by a world class panel of global insurance and alternative capital partners

Lee is a PE firm that partners with management teams of companies with strong growth potential

• Extensive investment experience in financial services, business services and healthcare services
• Current investments in the insurance services sector include Captive Resources and McLarens