K2 Insurance establishes Strategic Program Administration Partnership with Homesite Insurance Group
Posted on: January 24, 2020 by Pavla Hook
K2 Insurance Services, LLC. subsidiary Aegis General Insurance Agency, Inc. (Aegis General) is pleased to announce the formation of a strategic partnership with Homesite Underwriting Managers LLC, the program business unit for Homesite Insurance Group.
“Homesite’s record of success and innovative focus within the residential property market will allow Aegis General to continue our growth trajectory and industry-leading profitability within the manufactured home and affordable housing insurance sectors,” said Bob Kimmel, K2’s President and CEO.
Based in Harrisburg, Pennsylvania, Aegis General is a specialty program administrator, which manages a successful line of property insurance products, namely manufactured home and specialty dwelling products. The products are distributed nationally through multiple channels and companies.
Homesite, an affiliate of American Family Insurance group, is a direct insurance company based in Boston, Massachusetts. The company offers homeowners, condo, renters, small business, flood and term life insurance in nearly all 50 states, and has a financial strength rating of “A-Excellent” from A.M. Best.
“Homesite Underwriting Managers was established to maximize unique and sustainable opportunities within the program space. Aegis General’s Affordable Housing program fits perfectly, with unique specialty expertise and full turn-key insurance program capabilities”, said Grace Meek, President and CEO of Homesite Underwriting Managers LLC.
Aegis and Homesite have established their partnership based upon a strong foundation of common core values including a commitment to customers, partners, and employees. Both organizations place high value on technology and improving the way customers purchase insurance.
“Homesite is one of the fastest growing insurance companies in the industry. Its customer-driven focus on technology and enhancing the insurance-buying experience is perfectly aligned with our approach to this under-served market segment”, said Jeremy Gluck, Senior Vice President of Aegis General’s Affordable Housing unit.
Aegis General is a subsidiary of San Diego-based K2 Insurance Services, LLC. K2 has several unique specialty program administrators and MGA’s that underwrite and distribute property/casualty insurance products on behalf of a select group of high-quality balance sheet partners. In aggregate, K2’s subsidiary companies currently write more than $800 million of specialty insurance premiums.
Based in San Diego, California, K2 Insurance Services, LLC was formed in 2011 by industry veterans Pat Kilkenny and President & CEO Bob Kimmel. Lee Equity Partners recently acquired a majority ownership interest in K2, with the objective to create a leading underwriting and distribution franchise in the program insurance market. Over the past nine years, K2 has assembled a core group of specialty insurers and MGAs located across the country to achieve this task.
Founded in 1997, Boston-based Homesite Insurance was one of the first companies to enable customers to purchase home insurance directly online, during a single visit. Now the nation’s leading direct writer of homeowners insurance, as well as condominium and renters insurance, Homesite’s continues to innovate at a speed that outpaces the industry. Additionally, Homesite has a financial strength rating of “Excellent” from A.M. Best, which reflect its balance sheet strength, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management (ERM).
The creation of Homesite Underwriting Mangers, led by Grace Meek, in 2019 demonstrates Homesite’s commitment to grow unique, sustainable and profitable partnerships.
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