Macfarlanes advises Pioneer Underwriters on transfer of ongoing portfolio to K2 Insurance Services

24 April 2020

Macfarlanes has advised underwriting services organisation Pioneer Underwriters on the transfer of its ongoing portfolio together with underwriting and support staff to California-based speciality insurance services holding company K2 Insurance Services.

The business transferred will consist of a variety of underwriting units specialising in property catastrophe reinsurance, financial institutions, international property facultative and marine specialty. Combined, these units will underwrite approximately £150m of gross written premium in 2020. The transaction is expected to close by the end of Q2 2020, subject to the necessary regulatory approvals.

The Macfarlanes team for this matter was led by corporate and M&A partners Adam Campbell and Stephen Drewitt with assistance from solicitor Felicity Powell. Expertise was provided by a number of other practices from across the firm including tax and reward partner Jeremy Moncrieff, commercial solicitor Rosie Duckworth and insurance solicitor James Penfold.

Adam Campbell comments: “We were delighted to assist Pioneer on this transaction. It involved a large team across the firm and, given the difficult environment we find ourselves in, it was particularly pleasing to see how well the team responded to the challenge.”