Pen Underwriting has confirmed the extension of its long-standing partnership with Zurich in the Republic of Ireland, focusing on its specialised fleet insurance offerings, and following a multi-year renewal of their existing capacity deal.
Under the renewed agreement, Zurich will continue to underwrite 100% of the capacity for Pen’s specialist offerings. These offerings are tailored to motor fleets involved with hazardous goods, tankers, and environmental industries. The deal ensures coverage for up to €45 million in premiums over the next three years, solidifying the partnership for over 25 years.
This collaboration mirrors a similar arrangement between Pen and Zurich in the UK, targeting the same industrial sectors. Pen’s Irish operations are designed to cater to the high-hazard transportation and distribution sector, addressing the needs of companies involved with fuels and oil, chemicals, lubricants, LPG, liquid and hazardous waste, and non-hazardous tanker operations.
The comprehensive coverage combines risk management expertise and loss mitigation services with insurance protection, offering brokers and their clients customised solutions and direct access to technical underwriters. Additional benefits include 24/7 emergency spill response services embedded in the policy.
Adam Shefras, managing director of hazardous goods & environmental industries at Pen Underwriting, emphasised the significance of the ongoing partnership.
“Our commitment to delivering long-term insurance solutions in Ireland for fleets operating in the hazardous or bulk liquid areas, is underpinned by our fantastic collaboration with Zurich, so this latest capacity deal is excellent news for all parties. As the industries we support continue to evolve, overcome economic and regulatory challenges and embed decarbonisation initiatives, the provision of stable and secure insurance tailored to their needs is hugely important,” he said.
“When the sector you are supporting has the potential for catastrophic losses and complex claims, your customers need to know you will be there for them, in a consistent way, year in year out,” Shefras said.
Declan O’Halloran, director of sales & distribution for Zurich Insurance in Ireland, also commented on the partnership and Pen Underwriting’s role as a partner for the insurer.
“We value the depths of their risk evaluation experience, their data-driven approach to disciplined underwriting and their focus on continuous improvement. Those qualities make the decision to extend our collaboration beyond 25 years an easy one, and we look forward to working together for many years to come,” O’Halloran said.
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