K2 PI aims high: Lloyd’s-backed MGA targets larger PI risks
Partner content, in association with K2 PI
Freshly backed by Lloyd’s of London, K2 PI, which specialises in professional indemnity, has its sights set on competing with larger brokers through its broker-neutral managing general agent (MGA) model.
Speaking to Morning Wire, Richard Smart, managing director of K2 PI, explained, “We’ve got 100 per cent Lloyd’s backing, which means we have licences to write international business, whereas many MGAs have UK insurance company backing, which limits them to UK business.”
As a result, the underwriter has positioned itself to look at the bigger end of town, such as higher-risk accounts, whereas most MGAs tend to focus on SMEs. “Unlike many MGAs that chase SME PI volume, K2 PI is…focusing on fewer, larger risks in order to offer a higher-touch service model for brokers,” Smart noted.
“We have our own syndicate in a box (SIAB) within K2 that eventually will be backing all the lines of business that we write… so we have skin in the game, which I don’t think there’s any other MGAs that have got that,” he added.
Smart flagged that in a softened market, efficiency and service become part of the competitive pitch beyond rate.
As a result, he said K2 PI has invested in robust IT systems to support a lean team – currently just him, with a second hire due at the end of June – so it can still deliver service levels brokers expect for larger PI placements.
Having held senior roles at Newline, Argo, Aspen and Allianz, Smart joined K2 International at the end of 2025 as founder of K2 PI. “I’ve got a reasonable amount of expertise in Australia and Canada as well. So, it broadens our offering to the broker and makes us more attractive to the broker as well.”