Financial details about the investment were not divulged.
K2 president Mark Smith said: “After K2 Insurance Services has invested in Missoula, Montana-based subscription software service Loss Run Pro (LRP).seeing demos of countless ‘Insurtech’ tools, Loss Run Pro is the best I have seen because it uses technology to solve meaningful issues of the insurance placement process and simplifies that process for all parties.”
K2 CEO Robert Kimmel also welcomed the deal, calling LRP a logical fit for the specialty market.
LRP, which was established in 2020 by Reghan Brandt, facilitates one to request, track, and manage loss runs through its technology. With LRP’s software, loss runs can be generated, signed, and delivered electronically, using a computer or mobile device.
The insurtech has also been accepted into BrokerTech Ventures’ (BTV) 2020 Accelerator, which includes 13 of the most innovative insurance agencies with over $2bn in collective agency distribution.
LRP senior director of business development Brenden Corr will work alongside Brandt to develop relationships with carriers and brokers across the nation and worldwide.
Brandt noted: “Despite the challenges 2020 posed, LRP was able to thrive and work closely with many of the top 100 agencies to perfect and improve the LRP platform.
“Being part of BTV, and the early-stage investment from K2, will propel us to the next level.”
A San Diego, California-based firm founded in 2011, K2 Insurance Services is a portfolio company of private equity firm Lee Equity Partners.
Last year, K2 Insurance Services inked a deal to buy Pioneer Underwriters’ portfolio.
The transferred business includes underwriting units specialising in property catastrophe reinsurance, financial institutions, international property facultative, and marine specialty.