K2 Insurance Services, a specialty insurance programme manager, has named Richard Coello as the CEO of its subsidiary, K2 International.
Coello will assume the new responsibility on 1 March 2024.
Go deeper with GlobalData
He brings experience in building underwriting businesses, having developed K2 Financial into a $65m (£51.44m) premium business over the past decade.
His expertise extends to the fintech and US direct markets, where he recently introduced additional products.
Coello is also said to have played a key role in establishing Travelers Europe’s financial institutions division.
He has been co-managing K2 International with David Carson since its acquisition by K2 Insurance Services in May 2020.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataPrivate equity company Warburg Pincus agreed to acquire K2 Insurance Services in late 2022.
K2 Insurance Services CEO and co-founder Bob Kimmel said: “Following the Warburg Pincus transaction, we see K2 International’s growth as one of our key strategic priorities, and this appointment demonstrates the trust we have in Richard to bring his success to date to new teams and acquisitions.”
Coello added: “I am extremely proud to be given the opportunity to support K2 International in this new stage of development. We have willing support from our parent company and owners to focus on growth. I am looking forward to meeting the next generation of underwriting talent and providing them with the infrastructure necessary to build their own successful businesses.”
In September 2023, K2 Insurance Services announced an equity investment in Titan Flood, a US-based managing general agent specialising in the private residential flood insurance market.
Additionally, K2 Insurance Services bolstered its risk management capabilities by signing a multi-year deal with Risk Management Solutions (RMS) in June last year.
RMS will provide K2 with a suite of risk models to address global catastrophes including earthquakes, hurricanes, floods and windstorms.
