MGA secures new capacity for PI risks as deal secured

Pen Underwriting has expanded its partnership with global (re)insurer SiriusPoint through a new capacity deal in support of international professional indemnity (PI) risks.

The agreement will see SiriusPoint provide 100% capacity for the MGA’s international PI portfolio.

The offering provides cover for PI risks emanating from outside the UK and Ireland, across multiple professions and territories.

Tom Downey, chief executive at Pen Underwriting, said: “We are delighted to be expanding our relationship with SiriusPoint into new sectors of specialist risk.

“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.

“As a strategic partner, SiriusPoint understands the importance of taking a long-term approach but is also quick to recognise the value of propositions and quality opportunities.

“Its 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.”

Expansion

This comes after SiriusPoint was announced as the new long-term capacity provider for the MGA’s specialist social housing practice in April 2024.

Today’s deal means the two firms’ strategic partnership extends across a range of underwriting specialisms.

Rob Gibbs, president and chief executive of SiriusPoint International, said: “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 PI. The partnership also extends our collaboration across the globe, as we leverage our valuable Lloyd’s platform.

“Our expansion with Pen is a strong example of how we’re realising our strategy to deepen existing relationships to deliver even greater value with our MGA partners. We look forward to continued collaboration with Pen into the future.”