K2 Insurance Services, a prominent independent specialty insurance program manager, has revealed a new head of K2 Group Holdings Limited (K2 International), in a bid to continue its growth.
The company announced that Richard Coello has been appointed as the new CEO of K2 Group Holdings Limited (K2 International), effective from March 1, 2024.
K2 International operates as a specialty insurance and reinsurance underwriting platform strategically located within the London market.
As a subsidiary of K2 Insurance Services, a prominent underwriting and distribution franchise within the US program insurance market, K2 International plays a pivotal role in the insurance landscape.
Anticipated Gross Written Premiums (GWP) for the year 2024 are forecasted to surpass $150m, encompassing its diverse portfolio spanning four key business sectors: property catastrophe, commercial property, financial institutions, and credit.
Following the completion of Warburg Pincus‘ acquisition of K2 Insurance in December 2022, the international growth of K2 International was cited as a major priority. It is hoped that the arrival of Coello will only continue these plans.
Bob Kimmel, CEO and Co-founder of K2 Insurance Services explained, “following the Warburg Pincus transaction, we see K2 International’s growth as one of our key strategic priorities, and this appointment demonstrates the trust we have in Richard to bring his success to date to new teams and acquisitions.”
Coello brings a wealth of experience and a proven track record in building successful underwriting businesses to his new role as CEO of K2 International.
He has previously spearheaded the establishment of K2 Financial, growing it from a startup to a $65m premium business. Additionally, Coello has played a pivotal role in expanding into the FinTech and US direct markets.
Since K2 International’s acquisition by K2 Insurance Services in May 2020, Coello has co-managed the business alongside David Carson, providing invaluable guidance through various milestones, including the recent acquisition by Warburg Pincus.
Richard Coello, incoming CEO of K2 Group Holdings Limited (K2 International), spoke enthusiastically on his appointment. He said, “I am extremely proud to be given the opportunity to support K2 International in this new stage of development.
“We have willing support from our parent company and owners to focus on growth. I am looking forward to meeting the next generation of underwriting talent and providing them with the infrastructure necessary to build their own successful businesses,” he continued.
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