Specialty insurance and reinsurance underwriting platform K2 Group has launched a new division focused on credit.
K2 Credit was founded by Benedict Gedye and Josh Madeiros. It will write comprehensive non-payment insurance across single risk and portfolios for businesses in the non-bank sector.
K2 Credit is backed by Lloyd’s licensing (AA- rated) and led by QBE, with additional backing from Lloyd’s of London syndicates.
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It will provide solutions across single risks and multi-buyer portfolios, including excess of loss, with capacity over $20m (£16.08m) for any one obligor risk and a maximum aggregate limit of over $100m across portfolios. It specialises in sector-agnostic, trade-related, short to medium-term business.
“K2 Credit represents an exciting new chapter for K2 International as we expand our offerings to meet the growing demand for sophisticated credit insurance solutions,” said Richard Coello, chief executive of K2 International.
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“I’ve been particularly excited to see the development of this offering, as it focuses on the same underserved client base as the one K2 Financial was formed to support – the non-bank investment sector.
“In turn, I look forward with great anticipation to seeing how the plan progresses, under Ben and Josh’s expert stewardship.”
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