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Member, Beacon International Group, Ltd.
K2 Insurance Services L.L.C. on Thursday said it has acquired Morris Plains, New Jersey-based managing general agency High Point Underwriters.
Terms of the deal were not disclosed.
High Point and Louisville, Kentucky-based Midwestern Insurance Alliance, an MGA that is majority owned by K2, will partner with New York-based QBE North America to administer workers compensation and occupational accident insurance, Solana Beach, California-based K2 said in a statement.
With Midwestern Insurance's focus on the transportation industry and High Point specializing in insurance products for independent contractors, the partnership “establishes a diversified national insurance solution for both employee drivers and independent contractor owner operators,” according to the statement.
QBE North America will issue workers comp policies that will be administered under the High Point and Midwestern Insurance partnership, according to the statement.
“We believe the combination of a specialized, successful occupational accident product and a focused trucking workers compensation program with 30 years of expertise and distribution offers a compelling value proposition to the marketplace,” K2 President Bob Kimmel said in the statement. “At the same time, K2 will continue to seek other acquisition and growth opportunities around the country.”