Exclusive: K2’s Aegis Energy strikes Everspan capacity deal for new excess petroleum gasoline haulers program

By James Thaler

May 27 - (The Insurer) - K2’s Aegis Energy General Insurance Agency has struck a capacity deal with fronting company Everspan to provide up to $4 million in excess coverage for a non-admitted petroleum gasoline haulers program available in most U.S. states.

The program is designed to meet the needs of retail and wholesale Petroleum Gasoline Haulers engaged in petroleum and propane product distribution, and will be available nationwide in U.S., excluding Massachusetts, Hawaii and Alaska.

A spokesperson for K2 confirmed the program’s launch and said it would provide enhanced flexibility for retail agents, enabling them to effectively address the unique risks faced by their petroleum industry clients.

"We are excited to launch this new excess program in partnership with Everspan Group, a leader in the insurance sector," Doug Strange, president of Aegis Energy, said in a statement.

"This collaboration represents a significant step forward for Aegis Energy, as it allows us to provide enhanced risk management solutions for petroleum and propane distributors,” Strange continued.

“Everspan's strong market presence and commitment to excellence align perfectly with our mission to deliver exceptional coverage and service to our clients across the U.S," he added.

Darwin Lucas, Everspan’s chief underwriting and reinsurance officer, also commented on the deal.

“At Everspan, we seek partners who have unparalleled expertise and who share our commitment to underwriting excellence,” Lucas said in a statement.

“Aegis Energy fits that bill. Doug and his team are top-notch underwriters, and their laser focus on downstream petroleum product distribution uniquely positions them to create innovative insurance solutions for their sector,” he added.

“This excess program is an example of that, and we are thrilled to partner with them on it,” Lucas concluded.

Aegis Energy is a subsidiary of K2-owned Aegis General Insurance Agency and specialises in providing insurance and risk management solutions tailored for the downstream petroleum product distribution sector.

It has a primary focus on enterprises involved in the wholesale and retail sale of petroleum and propane, including common carriers, and offers ancillary solutions for rural retail home heating oil distribution and for the hauling of bulk oil, used oil, crude oil and salt water.

The program launch continues an active stretch for the Bob Kimmel-led MGA platform K2, which last month announced the launch of its new cyber offering, K2 Cyber.

Earlier this month it also announced MissionGuard from K2 Oconus, a new insurance solution designed to support U.S. government and non-government contractors abroad, expanding beyond its core Defense Base Act insurance product.

Program Manager also exclusively reported earlier this month that K2 had hired Aspen’s head of inland marine and property programs Josh Jennings to build out a new product offering.

And also this month, K2 Oconus launched MissionGuard, an insurance solution designed to support U.S. government and non-government contractors abroad, expanding beyond its core Defense Base Act insurance product.