The new deal builds on a strategic partnership of capacity provision that the two companies have had for over 30 years.
Under the agreement, Zurich will provide capacity for in excess of £165 million in premium over the next five years for Pen’s hazardous goods and environmental industries’ motor fleet proposition.
A release said that Pen Underwriting combines its risk management expertise, loss mitigation services, and insurance protection to provide brokers and clients with “market-leading” propositions, direct access to experienced technical underwriters and embedded extras – such as 24/7 emergency spill response.
“We are absolutely delighted to secure the continued long-term commitment from Zurich in support of our UK fleet insurance solution in this highly specialist market,” said Pen Underwriting managing director of hazardous goods & environmental industries Adam Shefras.
Shefras added that Pen Underwriting’s longstanding partnership with Zurich, as well as the managing general agent’s decades of experience and close relationship with industry bodies, allows it to offer brokers and clients consistency, adequate protection, and long-term sustainability.
“Our long-term collaboration with Pen Underwriting and mutual commitment to keeping the UK’s hazardous and environmental industries moving is one we are very pleased to renew and build upon,” said Zurich strategy manager Kevin Morton. “Pen’s sector expertise, underwriting discipline, claims service, provision of timely and accurate data and constant drive for improvement in all aspects of the portfolio continue to make this an important and attractive distribution opportunity for Zurich and an extremely valued partnership.”