Warburg Pincus has agreed to acquire K2 Insurance Services

• TigerRisk Capital Markets & Advisory, J.P. Morgan and Marsh Berry & Co. acted as financial advisors to Warburg Pincus while Morgan Stanley did likewise to K2
• Warburg Pincus has more than $85 billion in assets under management
• Lee Equity targets middle-market companies with enterprise values of $100 million to $500 million

Warburg Pincus has agreed to acquire San Diego-based K2 Insurance Services, a specialty insurance program manager. The seller is Lee Equity Partners. No financial terms were disclosed.

“K2 is truly a differentiated platform, offering a full suite of services to a diversified portfolio of programs that are supported by deep carrier relationships. K2’s management team has extensive industry experience and a demonstrated track record of growing insurance businesses,” said Michael Martin, managing director, head of financial services, Warburg Pincus, in a statement.

TigerRisk Capital Markets & Advisory, J.P. Morgan and Marsh Berry & Co. acted as financial advisors to Warburg Pincus while Morgan Stanley did likewise to K2.

Warburg Pincus has more than $85 billion in assets under management. Headquartered in New York, the firm was founded in 1966.

Lee Equity targets equity investments of $50 million to $150 million in middle-market control buyouts and growth capital financings in U.S.-based companies with enterprise values of $100 million to $500 million.