K2 Insurance Services has completed a deal to buy agricultural-focused specialty MGA Mid-America Risk Managers (MARM).
The deal will add further premium volume to expansive US program manager and MGA K2, which The Insurer understands ended 2018 at $625mn and is on course to top $700mn in annual premium this year.
Omaha, Nebraska-based MARM distributes its insurance products through independent agents and brokers.
It writes on the paper of members of Great American Insurance Group, The Travelers Indemnity Company and Century Insurance Group.
In a statement, K2 said that MARM would continue to distribute its core Center Pivot Irrigation and Farm Owners Package products, as well as complementary offerings from its stablemates under new ownership.
MARM founder and president Paul Friskopp will continue in the role, while Great American executive Kerry Besnia has moved over to the MGA to help grow the program.
K2 was launched in 2011 by former Guy Carpenter executive Bob Kimmell and Pat Kilkenny, who owned and ran Arrowhead before it was sold to US broking giant Brown & Brown.
The Endeavour Capital-backed platform has looked to build out with a series of acquisitions.
Last year it acquired a duo of programs from State Auto’s Rockhill excess and surplus lines operation.
At the time market sources estimated that K2 had built a book generating in excess of $500mn in annual premium.
Other MGAs on the K2 platform include Aegis General Insurance Agency, Allied Public Risk, High Point Underwriters and Star & Shield Insurance.
K2 also owns carrier Aegis Security Insurance Company, enabling it to take a portion of risk from the programs its MGAs write on behalf of third-party carriers.
Aegis Security was downgraded by AM Best in November last year from A to A-, however, after the agency highlighted significant losses following the California wildfires.