San Diego-based managing general agency K2 Insurance Services LLC (K2) has acquired a majority stake in Midwestern Insurance Alliance, Inc., an MGA based in Louisville, Ky. that underwrites workers’ compensation coverage with a focus on the transportation industry.
The investment is the first for K2, formed in 2011 to invest in other MGAs and build a national insurance program business franchise.
With the added capital support, Midwestern will expand its territory to 17 states, including Texas and California. With annual gross written premiums of $35 million, Midwestern previously underwrote business in Arkansas, Georgia, Indiana, Kansas, Kentucky, Missouri, South Carolina and Tennessee. In addition to California and Texas, its expanded territory now also includes Alabama, Nevada, Utah, Louisiana, Mississippi, North Carolina and Virginia.
Terms of the agreement were not disclosed.
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