How do you make a serious impact in a niche market? One solution perhaps is to partner up with one of the biggest names in the area.
That is exactly what Pen Underwriting
has done as it today revealed a new strategic deal with Markel International to consolidate its presence in the equestrian market.
Markel is a well-established name in the sector having provided coverage for horse-related risks for more than 50 years – and now it will provide expertise and capacity for up to £25 million in premiums over the next three years for Pen’s products. The partnership officially kicks off on May 01 and Seb Simmonds, commercial director of Pen Underwriting delegated solutions, noted that the firm should reap some significant rewards from Markel’s “second to none” experience in the equine arena.
“The equestrian market presents unique risks and challenges due to the diversity of activities undertaken in the different disciplines,” he said. “This demands a tailored response and our underwriters have deep knowledge of everything from eventing and happy hackers, to trade associations and local riding clubs. So, by joining forces with Markel and leveraging our collective expertise, we aim to introduce an increasingly innovative offering to our coverholders - all of whom are equestrian specialists in their own right - for the benefit of our end customers with their diverse and changing needs.”
His enthusiasm was matched by Juliet Redfern, managing director of equine and livestock at Markel, who expressed her own excitement at the deal.
“We’re excited to be entering a new strategic partnership with Pen Underwriting, building on Markel’s long-term trading relationship with the wider Gallagher
group, which will provide a great complement to our existing equine footprint in the UK and globally, and underlines our long-term mutual commitment to the equestrian market,” she said.
Top animal insurance claims revealed
Doctor who killed elephants for fun jailed for insurance fraud