‘Evolving’ Pen Underwriting has bagged a five-year cornerstone placement deal worth £550 million.
Led by top British firm Legal & General, the single quota share arrangement sees the consolidation of Pen Underwriting’s 15 UK household and SME portfolios – a move the underwriting business says is part of its strategic development as a virtual insurer. The placement will provide capacity for £110 million of annual gross written premium.
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