MGA Pen Underwriting Forms 2 New Capacity Deals With QBE Worth £300M

Pen Underwriting announced two new long-term UK capacity deals with QBE in the highly specialist areas of public authority and higher education risks, as well as hazardous goods, environmental industries and tanker transportation. The renewed agreements build on strategic partnerships of consistent capacity provision that date back 10 and 20 years, respectively.

Combined, the agreements will see QBE provide capacity for nearly £300 million ($406.6 million) in premium over the next three years for Pen’s RMP business in the UK (property/casualty, financial lines and motor fleet) as well as Pen’s property/casualty proposition for the hazardous goods and environmental sector.

RMP works with brokers and their clients across local government, police, fire and education to develop and deliver risk management and insurance programs across multiple classes with the overriding aim of helping bring down their total cost of risk.

Products for the hazardous, environmental and bulk liquid industries are tailored to specialist segments. Risk management expertise, direct access to experienced technical underwriters, crisis management with media and legal response as well as loss mitigation services, including 24/7 emergency spill response, combine with insurance protection to offer brokers and their clients holistic, sustainable propositions.

“The importance and benefit of long-term capacity partnerships in the public sector and education arena shouldn’t be underestimated,” commented Nick Colyer, CEO of RMP. “Our role is to use our decades of data and specialist market expertise to take the pain away for QBE and ensure our portfolio continues to perform strongly and profitably in the face of significant and evolving exposures, unique risks and complex procurement.”

“After 20 years of continuous partnership with QBE it’s great to extend our support of clients operating within this highly specialist market. We will continue to use our extensive experience and close working relationship with industry bodies to create risk transfer sustainability across a sector that has to remain ready to manage catastrophic losses,” said Adam Shefras, managing director of Hazardous Goods & Environmental Industries at Pen Underwriting.

These two long-term capacity partnerships demonstrate Pen’s and QBE’s “mutual commitment to supporting both public authority and higher education sectors as well as the UK’s hazardous and environmental industries. This allows us to continue to provide excellence and value for our customers in these specialist areas,” according to Matthew Lacy, executive director – UK at QBE Europe.

Pen Underwriting

Pen Underwriting is a multi-class, multi-territory managing general agent (MGA) that operates as a virtual insurer, meaning it can fulfil all the typical functions of an insurance company — from sales, distribution, pricing and product innovation through to claims, analytics and governance — except carry risk.

Pen Underwriting has five divisions — International & Financial Lines, Specialty Lines, Public Sector, SME & Personal Lines and Manchester Underwriting Agencies Management (MUM) — offering a wide and growing range of specialisms from e-solutions and delegated authorities for volume business through to specialty products with individual underwriting for hard-to-find placements.

Source: Pen Underwriting

Topics Underwriting Insurance Wholesale