A managing general agent and a specialty insurer are furthering a partnership to boost the construction insurance space.
Pen Underwriting will be providing support to CNA Hardy for its construction offering after a multi-year renewal of an existing capacity deal. The agreement sees CNA provide 100% capacity for up to £50 million in premiums for Pen’s construction business. The deal runs until 2024 and is an exclusive partnership.
It was back in 2014 that the companies first formed a wider consortium and Simon Foweraker, managing director of construction at Pen, is delighted it is continuing.
“Having amassed more than 20 years’ experience in construction underwriting, when we came to revamp and relaunch our entire offering a few years ago it was vital we selected a strong insurance partner to back our modular approach and broad underwriting footprint,” he said. “Joining forces with CNA Hardy has proved the perfect partnership.
“Together we have created a consistent, sustainable and growing business that enables brokers to choose the right mix of covers that their construction clients want and need – something that construction, as a diverse, challenging and changing industry demands. Now more so than ever.”
On the CNA side of the deal, class manager Justin Godman pointed to a “strong, reciprocal relationship.”
“Key to the success of our relationship has been trust and transparency,” he said. “The quality and accuracy of the data and management information produced by the team at Pen has enabled us to grow the account in a measured, strategic and sustainable way.”