MGA secures new £120m capacity deal for property owners’ proposition

MGA Pen Underwriting has expanded its capacity partnership with Endurance Worldwide Insurance, adding an additional £120m of capacity to its property owners’ division.

The additional A+ rated capacity – supplied over the next three years – will be spread across both digital trading and manually underwritten policies.

The new deal doubles the capacity provided by an initial three-year partnership inked between the firms in 2023, which saw Endurance provide capital solely for the MGA’s complex, individually transacted property owners’ policies.

Pen Underwriting said its property owners’ practices includes offerings for commercial and residential buildings, blocks of flats, standard, non-standard, occupied and unoccupied properties.

It added that the additional capacity followed “strong growth and performance” in the sector and that continued investment had “resulted in greater risk quotability, improved conversion rates and increased year-on-year policy count growth, while maintaining underwriting discipline”.

Successful partnership

Caroline King, head of property owners’ insurance at Pen Underwriting, said: “We are delighted to be building on our successful partnership with Endurance in this way.

“Our commitment to delivering fast, effective solutions for brokers and their property owner clients in what is a dynamic market has seen us invest in enhanced data and analytics to ensure that increased quotability and conversion sit alongside our strict underwriting discipline.”

She continued: “This has enabled more risks to go straight through the digital trading process due to reduced referral triggers, with a greater ability to make real-time pricing adjustments based on what the granular data is telling us.

“At the same time, increasing our underwriter resource has seen higher conversion when risks are referred, ensuring retention rates remain strong and that we win more often on new business too.”