K2 Acquires Rockhill Insurance Group’s General Liability and Gas & Propane Distribution Businesses
SAN DIEGO, March 2, 2018
K2 Insurance Services, LLC) has announced it has acquired the Rockhill Insurance Group’s (Rockhill) General Liability and Gas & Propane Distribution lines of business. Rockhill is a subsidiary of State Automobile Mutual Insurance Company (State Auto). The transaction includes K2’s purchase of Rockhill subsidiary Partners General Insurance Agency, LLC (PGIA). The PGIA General Liability operations will continue in its current locations of Simi Valley, Calif.; Naperville, Ill.; Richmond, Va.; and Dallas, Texas. The Gas & Propane Distribution operations will continue under K2 in the current Conway, Ark. office. Financial terms of the transaction were not disclosed. Keefe, Bruyette & Woods, Inc., a Stifel Company, served as financial advisor to State Auto in the transaction.
K2 President and CEO Bob Kimmel commented, “We have known the principals of these diverse business segments for several years and are excited to be bringing their expertise to the K2 platform.”
State Auto President and CEO Mike LaRocco noted, “This agreement with K2 is an excellent outcome for the General Liability and Gas & Propane Distribution teams. I wish them much success going forward.”
About State Auto
State Automobile Mutual Insurance Company, headquartered in Columbus, Ohio, is a super-regional property and casualty insurance holding company. The company is primarily engaged in writing personal and business insurance products exclusively through independent insurance agencies in 33 states and is proud to be a Trusted Choice® company partner.
State Auto Mutual is part of the State Auto Group. The State Auto Group markets its insurance products throughout the United States, through independent insurance agencies, which include retail agencies and wholesale brokers. The State Auto Group is rated A- (Excellent) by the A.M. Best Company and includes State Automobile Mutual, State Auto Financial Corporation, State Auto Property & Casualty, State Auto Ohio, State Auto Wisconsin, Milbank, Meridian Security, Patrons Mutual, Rockhill Insurance, Plaza Insurance, American Compensation and Bloomington Compensation.
K2 Insurance Services, LLC is a specialty insurance services holding company, which owns and controls a diverse set of program administrators, retail agencies, and two A.M. Best “A” rated insurance carriers. Through these entities K2 markets, underwrites and services in-excess-of half a billion dollars annually in niche driven commercial and personal insurance premiums. Since its formation in 2011, the company has grown to become a significant player in the specialty insurance market and continues to grow through new acquisitions and organically. K2 is headquartered in San Diego, California and is a privately held company.