{"slug": "k2-pi-aims-high-lloyds-backed-mga-targets-larger-pi-risks", "title": "K2 PI aims high: Lloyd’s-backed MGA targets larger PI risks", "summary": "Lloyd's-backed MGA K2 PI targets larger professional indemnity risks, focusing on higher-risk accounts and international business through its broker-neutral model. Managing director Richard Smart says the firm's Lloyd's backing and syndicate-in-a-box structure give it a competitive edge over other MGAs.", "body_md": "# K2 PI aims high: Lloyd’s-backed MGA targets larger PI risks\n\n*Partner content, in association with K2 PI*\n\nFreshly backed by Lloyd’s of London, K2 PI, which specialises in professional indemnity, has its sights set on competing with larger brokers through its broker-neutral managing general agent (MGA) model.\n\nSpeaking to *City AM*, Richard Smart, managing director of [K2 PI](https://www.k2insinternational.com/businesses/k2-pi#), explained, “We’ve got 100 per cent Lloyd’s backing, which means we have licences to write international business, whereas many MGAs have UK insurance company backing, which limits them to UK business.”\n\nAs a result, the underwriter has positioned itself to look at the bigger end of town, such as higher-risk accounts, whereas most MGAs tend to focus on SMEs. “Unlike many MGAs that chase SME PI volume, K2 PI is…focusing on fewer, larger risks in order to offer a higher-touch service model for brokers,” Smart noted.\n\n“We have our own syndicate in a box (SIAB) within K2 that eventually will be backing all the lines of business that we write… so we have skin in the game, which I don’t think there’s any other MGAs that have got that,” he added.\n\nSmart flagged that in a softened market, efficiency and service become part of the competitive pitch beyond rate.\n\nAs a result, he said K2 PI has invested in robust IT systems to support a lean team – currently just him, with a second hire due at the end of June – so it can still deliver service levels brokers expect for larger PI placements.\n\nHaving held senior roles at Newline, Argo, Aspen and Allianz, Smart joined K2 International at the end of 2025 as [founder of K2 PI](https://www.cityam.com/k2-international-launches-new-division-k2-professional-indemnity-limited/). “I’ve got a reasonable amount of expertise in Australia and Canada as well. So, it broadens our offering to the broker and makes us more attractive to the broker as well.”", "url": "https://wpnews.pro/news/k2-pi-aims-high-lloyds-backed-mga-targets-larger-pi-risks", "canonical_source": "https://www.cityam.com/k2-pi-aims-high-lloyds-backed-mga-targets-larger-pi-risks/", "published_at": "2026-06-24 05:30:00+00:00", "updated_at": "2026-06-24 05:47:05.665023+00:00", "lang": "en", "topics": ["ai-startups"], "entities": ["K2 PI", "Lloyd's of London", "Richard Smart", "K2 International", "Newline", "Argo", "Aspen", "Allianz"], "alternates": {"html": "https://wpnews.pro/news/k2-pi-aims-high-lloyds-backed-mga-targets-larger-pi-risks", "markdown": "https://wpnews.pro/news/k2-pi-aims-high-lloyds-backed-mga-targets-larger-pi-risks.md", "text": "https://wpnews.pro/news/k2-pi-aims-high-lloyds-backed-mga-targets-larger-pi-risks.txt", "jsonld": "https://wpnews.pro/news/k2-pi-aims-high-lloyds-backed-mga-targets-larger-pi-risks.jsonld"}}