Pen Underwriting : Everything you need to know

Pen Underwriting: Everything you need to know
Headquarters address: 67 Lombard St, London EC3V 9LJ, United Kingdom
Founded: 2014
Employees: 400
Locations: 14 (throughout the UK)
Gross written premiums: £660 million
Underwriting expertise: Commercial; construction; cyber; financial lines; household; hazardous goods, tankers, and environmental industries; liability; professional services; real estate 
Key people: Tom Downey (chief executive officer), Jennifer Martin (chief underwriting officer), Matthew Lucas (chief operating officer), Nick Wright (chief business development officer), Catriona Thomson (chief financial officer), Charles Manchester (CEO, Manchester Underwriting), Adrian Scott (managing director – financial lines), Andrew Booth (managing director – SME and personal lines), Nick Colyer (managing director – public sector), Sarah Breslin (managing director, specialty division), Caroline Spalding (HR director)

About Pen Underwriting
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
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:

  1. 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.
  2. 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.
  3. Added value
    Pen Underwriting has invested 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.
  4. Being easy to do business with
    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

Leadership at Pen Underwriting

Tom Downey – Chief executive officer
Downey was named Pen Underwriting’s CEO following a successful period of sustained growth and underwriting profitability. He joined Pen in 2015, initially leading the firm’s specialty division before taking on the role of chief underwriting officer in 2017. As CUO, he was responsible for underwriting, capacity management, pricing, analytics, risk and governance and claims across Pen.

Prior to coming aboard Pen, Downey held several senior positions at RSA, including as director of MGAs and Delegated Schemes. He joined the company as a graduate trainee 25 years earlier.

In the news

Gallagher publishes full year 2023 financial results

INSURANCE NEWS

Gallagher publishes full year 2023 financial results

UK CEO shares insights into how the UK business fared

Gallagher names new CEO for UK broking and underwriting operations

INSURANCE NEWS

Gallagher names new CEO for UK broking and underwriting operations

Promoted leader will support the company’s 6,000 UK colleagues

Pen Underwriting introduces new capacity relationship manager

PROFESSIONAL RISKS

Pen Underwriting introduces new capacity relationship manager

Firm notes it has a clear focus on internal leadership development

Pen Underwriting takes Lloyd's box 393

MARINE

Pen Underwriting takes Lloyd's box 393

It will be manned by the MGA's team of specialist marine underwriters

Pen's head of IP shares thought process behind rollout of new insurance offering

PROFESSIONAL RISKS

Pen's head of IP shares thought process behind rollout of new insurance offering

'Mind the Gap' – leader advises brokers and clients

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