It has been announced that Paul Lynam, CEO of Pen Underwriting
, is leaving the business.
Lynam, the founder of SRS which was merged with Australis to become Pen Underwriting in Australia in November 2014
, has been with the business for more than 20 years.
The Arthur J Gallagher
owned enterprise will be taken over on an interim basis by Peter Searson, chairman of AJG Asia Pacific, until a successor is found.
Searson said that the decision was made after discussions between the pair and thanked Lynam for his service.
"Paul and I have been discussing his future and he has made the decision to move on,” Searson said.
“He has made a significant contribution to Pen Underwriting since he sold his business to us in 2012, and I want to extend my thanks to him.”
Lynam will work out his notice on gardening leave and the company said in a statement that the move will have “no impact” on the clients of products of the business.