K2 Credit is backed by Lloyd’s licensing and spearheaded by QBE, with additional support from Lloyd’s of London syndicates. Credit: Who is Danny/Shutterstock.

K2 Group Holdings (K2 International), part of K2 Insurance Services, has introduced a new division, K2 Credit. 

The newly launched division will write non-payment insurance for single risk and portfolios to businesses in the non-bank segment. 

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Founded by Benedict Gedye and Josh Madeiros, K2 Credit is backed by Lloyd’s licensing and spearheaded by QBE, with additional support from Lloyd’s of London syndicates. 

K2 Credit’s offerings include solutions for single risks and multi-buyer portfolios, featuring excess of loss (XOL) coverage.  

The division has a capacity of more than $20m for any one obligor risk and can accommodate a maximum aggregate limit of more than $100m across portfolios.  

K2 International CEO Richard Coello said: “K2 Credit represents an exciting new chapter for K2 International as we expand our offerings to meet the growing demand for sophisticated credit insurance solutions.  

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“I have been particularly excited to see the development of this offering, as it focuses on the same underserved client base as the one K2 Financial was formed to support – the non-bank investment sector. In turn, I look forward with great anticipation to seeing how the plan progresses, under Ben and Josh’s expert stewardship.” 

Specialising in trade-related, sector-agnostic insurance for short to medium-term business, K2 Credit aims to deliver customised solutions that align with client requirements.  

Last month, K2 International established its presence at Lloyd’s of London, with a box representing three of its divisions – K2 Rubicon Specialty, K2 Crisis Management and K2 Property D&F.  

K2 International, a specialty insurance and reinsurance underwriting platform, operates in the London market.  

Its portfolio of divisions spans commercial property, financial institutions, marine, property catastrophe, political violence and terrorism.