K2 Insurance Services Acquires Aegis Security Inc.Tuesday, April 23, 2013
K2 Insurance Services LLC, a San Diego business that was formed in 2011 to acquire and manage general insurance agencies and specialty underwriters, said it recently acquired Aegis Security Inc. of Pennsylvania.
Financial terms of the deal were not announced.
Aegis specializes in insurance for manufactured homes, other low-value dwellings and motorcycles. The company also underwrites surety bonds and other niche lines of insurance and licensed in all 50 states, the company said.
With the acquisition, K2 has a specialty insurance franchise that is expected to generate about $165 million in gross written premiums this year, the company said.
K2 was formed by Bob Kimmel and Pat Kilkenny, chairman and CEO of K2, in partnership with investment firm Endeavour Capital.
SDBJ Staff Report