Pen Underwriting has announced the renewal of its long-term collaboration with QBE in the UK and Ireland through two major capacity agreements in specialist insurance markets.
The renewed deals, covering public authority risks and the hazardous goods and environmental industries, will extend their strategic relationship beyond 25 years of continuous capacity provision. The agreements will support more than £400 million in premium over their duration.
The first agreement, set for three years, focuses on Pen’s public sector business, RMP. QBE will provide capacity across property and casualty, financial lines, and motor fleet risks, including those for police authorities. This partnership builds on a relationship spanning more than 15 years.
The second agreement addresses Pen’s offerings for the hazardous, environmental, and bulk liquid industries. QBE’s capacity will support property and casualty risks, as well as excess-of-loss coverage in the UK and Republic of Ireland. The five-year deal continues a collaboration that began in 2001, taking the partnership well past the quarter-century mark.
Stephen Halsall, managing director of RMP, said that their mission is to help organisations lower their total cost of risk through risk management, insurance protection, and claims handling, enabling clients to reinvest savings into frontline services.
“Long-term capacity commitment is what underpins our ability to keep delivering on that mission and QBE’s continued support in ensuring we can look after our public authority and education clients is highly valued,” Halsall said.
Adam Shefras, managing director of hazardous goods & environmental industries at Pen, highlighted the importance of the new five-year capacity deal in a market that requires preparation for catastrophic losses.
“Due to the nature of our clients we have to be prepared to deal with catastrophic losses, and our insurer partners place their trust in us to work closely with clients and industry bodies to maximise the risk mitigation measures that enable us to manage this risk and grow together sustainably,” Shefras said.
Anna Bennett (pictured above), director of underwriting, UK casualty at QBE Europe, remarked on the significance of extending the strategic partnership.
“We are grateful for our Bristol and London based teams who have been pivotal in strengthening and renewing these relationships and we value Pen’s commitment to driving excellent portfolio performance while managing risk in some of the most challenging areas. We look forward to continuing our collaborative commitment to these niche risk sectors and growing and expanding together over the years to come,” Bennett said.
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