K&K Insurance Group, a subsidiary of Aon, and Markel Specialty, a division of Markel Corporation, have announced that they have signed a letter of intent to offer insurance products to K&K’s motorsports, events and attractions and recreation property and casualty, and accident insurance business.

“This new collaboration with Markel offers our clients an established insurance provider, extending our legacy in the specialty industries we have served since 1952,” said Todd Bixler, president and CEO of K&K.

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“We’re excited to be collaborating with K&K, a recognized market leader in sports, recreation and leisure insurance, in addressing the current and future risk and insurance needs of customers within these segments,” said Bryan Sanders, president of Markel Specialty. “We believe this collaboration will allow us to profitably grow our admitted portfolio and premium in these key segments.”

The agreement is contingent upon the execution of a program administrator and claims management agreement, as well as the necessary filings with state departments of insurance.

Find out what does a program administrator do in this article.