Pen Underwriting: Everything you need to know
Founded: 2014
Employees: 400
Underwriting teams: 17
Locations: 15 (throughout the UK)
Headquarters: London, United Kingdom
Pen Underwriting is part of the Arthur J. Gallagher group (the division of Arthur J. Gallagher & Co. which is focused on international broking and underwriting outside of the United States). In 2014, Pen Underwriting was formed from 12 leading underwriting businesses. These businesses assembled to create a single company on the understanding that together they could provide the value proposition relied on by brokers – outstanding support and service.
Many of the founding businesses of Pen Underwriting were market leaders and experts in their own right prior to this amalgamation, and this has given this organisation a natural advantage in this competitive market. It has a GWP (2018) of approximately £500 million and a definitive aim to underwrite a portfolio unmatched in its diversity.
The products of Pen Underwriting
As stated by chief executive, Jonathan Turner, “We are more than just an underwriting business; we are a virtual insurer, offering the security you would expect from an established insurer, with the innovation, niche expertise and flexibility that MGAs are known for.” As a virtual insurer, Pen Underwriting operates in the same way as a typical insurance company but without carrying risk.
Pen Underwriting’s aim to underwrite a portfolio with great scope, territory and reach is evident from the broad range of products offered by the underwriter. From real estate to liability to cyber to hazardous and environmental industries, Pen Underwriting offers specialist cover and tailored, high-quality solutions.
The values of Pen Underwriting
Pen Underwriting prizes four essential traits as the embodiment of the value system of this organisation. These are:
- Differentiation
In the current competitive insurance climate, it is harder than ever for a company to differentiate itself, so Pen Underwriting has made this an emphasis of its strategic development and company culture. Pen Underwriting strives to provide the traditional values associated with broking – support, expertise and great service in exceptional new ways.
- Expertise
Pen Underwriting aims to understand the value of expertise to its clients and has developed its expertise through the utilisation of new technology channels. Recently the company developed an e-trade offering via Pen Central with products including a cyber liability policy, mid-net worth policy, a non-standard property policy, a PI policy, a PI excessive loss policy and a general liability excessive loss product.
- Added value
“We are a broker market,” said Turner. “100% of what we do is via the broker distribution channel.” This has led to Pen Underwriting’s investment in new technologies designed to make life easier for their clients. These technologies include the e-trade offering outlined above and provide added value to Pen Underwriting’s broking clients.
- Being easy to do business with
“Making ourselves easier to trade with,” is a major aim of all the developments carried out by Pen Underwriting, outlined Turner. The organisation understands that while the insurance environment is continually evolving, the core traits valued by clients remain the same as ever.
Ethics and culture at Pen Underwriting
Though separately regulated from the Gallagher group, as part of the group Pen Underwriting has been recognised as one of the world’s most ethical companies and is proud to share the culture of the Gallagher group.
Pen Underwriting participates in the United Nations Global Compact Principles, demonstrating its commitment to maintaining a solid ethics and compliance programme and commitment to ethical behaviour.
As part of the Gallagher group, Pen Underwriting has won the global Ethisphere Award for seven consecutive years, generating a powerful reputation as a company with excellent corporate citizenship and responsibility.
To support Cancer Research, Pen Underwriting employees set up a Charity Committee which organises an array of fundraising activities, including a Cake and Coffee Morning for World Cancer Day. In conjunction with Gallagher’s match funding scheme, every effort is made by Pen Underwriting to give back to the wider community.
Important news from Pen Underwriting
Some key faces at Pen Underwriting
- Jonathan Turner - Chief executive. Turner joined Pen Underwriting in 2015 and became chief executive in 2017.
- Tom Downey - Chief underwriting officer. Downey became CUO following a successful career with RSA.
- Nick Wright - Managing director – commercial. Wright is growing Pen Underwriting’s commercial division through establishing customer service standards.
- Jennifer Martin - Managing director – financial lines. Martin joined Pen Underwriting in 2015 and has developed new product lines including cyber.
- Steve Thornett – Managing director – specialty. Thornett is responsible for Pen Underwriting’s speciality businesses.
- Andy Westby – Managing director – volume. Westby is responsible for developing Pen Underwriting’s volume business in commercial, household and personal lines.
