Pen Underwriting has announced a significant expansion of its partnership with global re/insurer SiriusPoint, entering into a new capacity deal for international professional indemnity (PI) risks.
The agreement sees SiriusPoint providing 100% capacity for Pen’s international PI portfolio. This will be managed by SiriusPoint’s London market team, which brings over 15 years of underwriting expertise in this field. The new offering is designed to cover PI risks originating outside the UK and Ireland.
This latest development builds upon the existing strategic alliance between Pen and SiriusPoint, which now encompasses a broader range of underwriting specialisms. It follows an April 2024 announcement where SiriusPoint became the long-term capacity provider for Pen’s specialist social housing practice, supporting the not-for-profit housing association sector.
“We are delighted to be expanding our relationship with SiriusPoint into new sectors of specialist risk,” said Tom Downey (pictured), CEO of Pen Underwriting. “International PI is an area of mutual appetite and well-positioned for growth, with our team known for a consistent underwriting approach, keenness to trade and ability to create bespoke solutions while keeping sustainability and service at the fore.”
Downey also noted that SiriusPoint’s “commitment to the MGA sector and focus on shared success, makes them a great fit for international PI, where we look forward to growing our capabilities and reach yet further.”
Rob Gibbs, president and CEO of SiriusPoint International, echoed this sentiment. “We’re proud to extend our strategic partnership with Pen Underwriting, building on our support across Pen’s portfolio, which now spans social housing, marine, and professional indemnity,” Gibbs said.
He highlighted that the partnership also “extends our collaboration across the globe, as we leverage our valuable Lloyd’s platform,” describing it as “a strong example of how we’re realising our strategy to deepen existing relationships to deliver even greater value with our MGA partners.”
Pen Underwriting manages approximately £1 billion in gross written premium (GWP). The company has set a “2030 Vision” to grow into a £1.75 billion GWP underwriting and distribution business, aiming to become the leading MGA in the UK and wider EMEA region. This growth is planned through a combination of organic expansion and acquisitions, such as the June 2024 acquisition of Wrightway Underwriting, a specialist transportation and haulage MGA based in the Republic of Ireland.
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