A dynamical model for S-and P-wave correlated 2π (and KK) exchange between a kaon and a nucleon is presented, starting from corresponding NN → KK amplitudes in the pseudophysical region, which have been constructed from nucleon, ∆-isobar and hyperon (Λ, Σ) exchange Born terms and a realistic meson exchange model of the ππ → KK and KK → KK amplitude. The contribution in the s-channel is then obtained by performing a dispersion relation over the unitarity cut. In the ρ-channel, considerable ambiguities exist, depending on how the dispersion integral is performed. Our model, supplemented by short range interaction terms, is able to describe empirical K + N data below pion production threshold in a satisfactory way.