For Immediate Release
Bamboo Insurance Acquires Assets of First American Property and Casualty Insurance Agency
Bala Cynwyd, PA Global Indemnity Group, LLC (NASDAQ:GBLI) (“GBLI”), announced today that K2 Insurance Services, LLC (“K2”) has acquired its American Reliable specialty residential property business, including its manufactured home and dwelling lines. K2 is committed to seamlessly 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, S.I. (American Family Insurance).
K2 is a leading specialty MGA with more than 20 active programs across various niches. They currently manage 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.
Reiner R. Mauer, GBLI’s chief operating officer, said, “This transaction supports GBLI’s strategy to focus on core small and middle-market commercial lines that drive long term consistent and sustainable profitability. We expect this transition will be seamless for our agents and policyholders. 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, said, “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.”
Merger & Acquisition Services, Inc. acted the sell side advisor to Global Indemnity Group, LLC.
About Global Indemnity Group, LLC and its subsidiaries
Global Indemnity Group, LLC (NASDAQ:GBLI), through its several direct and indirect wholly owned subsidiary insurance companies, provides both admitted and non-admitted specialty property and specialty casualty insurance coverages and individual policyholder coverages in the United States, as well as reinsurance worldwide.
About K2 Insurance Services, LLC and its subsidiaries
K2 Insurance Services (K2) is an insurance services holding company, which owns and controls a diverse set of specialty program administrators. Through its MGAs, K2 markets, underwrites, and services over $1 billion annually in niche commercial and personal insurance premiums. From workers’ compensation for high hazard exposures such as commercial transportation to personal lines coverage for manufactured homes, K2 helps insure clients across a diverse array of risks and industries. K2 is headquartered in San Diego, California and is a privately held company.
Merger & Acquisition Services, Inc. is a specialist advisory and financial services Firm to the insurance and reinsurance industry, with offices in New York, Connecticut, Georgia & Cayman Islands. Founded in 1999, the Firm and its affiliates provides investment banking and insurance consulting services globally, including; merger & acquisition advisory, capital raising, valuations, program placement/fronting, and reinsurance advisory. Merger & Acquisition Capital Services, LLC., a registered broker-dealer and member FINRA / SIPC, is an affiliate of Merger & Acquisition Services, Inc.
Investment banking services and all securities are offered in the United States by and through Merger & Acquisition Capital Services, LLC, a US registered broker-dealer and member FINRA/SIPC. Merger & Acquisition Services, Inc., M&A International LTD & M&A International Corporation U.A. do not underwrite securities, nor advise on, nor effect transactions in securities for the account of others.