Benzinga | Nov 2, 2021 11:00AM EDT

Global Indemnity Group Sells American Reliable Residential Property Business To K2 Insurance Services; Terms Not Disclosed

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."