Specialty insurance coverage and reinsurance underwriting platform K2 Group has launched a brand new division targeted on credit score.
K2 Credit score was based by Benedict Gedye and Josh Madeiros. It would write complete non-payment insurance coverage throughout single threat and portfolios for companies within the non-bank sector.
K2 Credit score is backed by Lloyd’s licensing (AA- rated) and led by QBE, with extra backing from Lloyd’s of London syndicates.
Learn extra: Sunny outlook: Various credit score in 2025
It would present options throughout single dangers and multi-buyer portfolios, together with extra of loss, with capability over $20m (£16.08m) for anybody obligor threat and a most combination restrict of over $100m throughout portfolios. It specialises in sector-agnostic, trade-related, quick to medium-term enterprise.
“K2 Credit score represents an thrilling new chapter for K2 Worldwide as we broaden our choices to fulfill the rising demand for stylish credit score insurance coverage options,” mentioned Richard Coello, chief govt of K2 Worldwide.
Learn extra: Liberty Mutual to fund $5bn of Affirm’s BNPL loans
“I’ve been significantly excited to see the event of this providing, because it focuses on the identical underserved consumer base because the one K2 Monetary was fashioned to assist – the non-bank funding sector.
“In flip, I look ahead with nice anticipation to seeing how the plan progresses, below Ben and Josh’s skilled stewardship.”
Learn extra: Finance veterans launch new capital advisory boutique