Former chairman and CEO of
Kimmel will serve as president of K2, while Kilkenny takes on the role of CEO. Funding for K2 will come from Kilkenny, Kimmel and Endeavour Capital, a leading West Coast-based private equity group with more than $1 billion of committed equity capital under management.
Possible acquisition opportunities cited by Kimmel run the gamut, from large entities sustaining diverse business models to small MGAs. Kimmel also alluded to K2 entering the market with a fresh mindset compared to insurers, reinsurers and other firms acquiring MGAs as a means of quick growth. Additionally, the agency expects to develop new programs with underwriters from niche insurance segments.
"We believe the insurance market is beginning to turn, and the timing is very good for our venture," Kimmel said. "Programs written by good MGAs will present new business opportunities for growth and diversification in the near future. We will be using our experience and relationships to help these businesses grow, not just buying premium."
Kimmel previously worked as a reinsurance intermediary, leading sales and service divisions for the U.S. broking division, and at Guy Carpenter he was responsible for program business written by MGAs. Kilkenny spent more than 20 years at Arrowhead Group.
