K2 PI, the professional indemnity specialist, has set its sights on cornering a significant chunk of the insurance market, aiming to outmanoeuvre established players. The company, which operates as a managing general agent (MGA), boasts 100 per cent backing from Lloyd's of London – a crucial endorsement that grants it the necessary licences to underwrite international business, thereby expanding its scope beyond domestic operations.
According to Richard Smart, K2 PI's managing director, this strategic partnership with Lloyd's positions the firm to focus on high-stakes, high-risk accounts. This marked departure from the common MGA model, which often prioritises high-volume, small and medium-sized enterprise (SME) professional indemnity business, allows K2 PI to concentrate on a smaller number of larger risks and offer a more bespoke service to brokers.
K2 PI is also noteworthy for its plan to eventually back all its lines of business through its own 'syndicate in a box' (SIAB) within the company. This initiative, which Smart believes is rare among other MGAs, provides K2 PI with a direct stake in the underwriting process and positions it well in a market where rates have softened. In this environment, Smart stresses that efficiency and service are becoming increasingly vital competitive differentiators beyond pricing alone.
To support its ambitious strategy, K2 PI has made significant investments in robust IT systems, which will enable its lean operational team – currently comprising just two people, including Smart himself – to deliver the high service levels expected for substantial professional indemnity placements. With a background that includes senior positions at prominent insurers such as Newline, Argo, Aspen, and Allianz, Smart brings particular expertise in the Australian and Canadian markets, broadening K2 PI's international appeal.
Smart joined K2 International in December 2025 to establish K2 PI, bringing with him a wealth of experience that is expected to strengthen the firm's offering and attractiveness to brokers in a competitive landscape.