The deal sees CNA Hardy becoming to the sole capacity provider for Pen’s modular construction policies
MGA Pen Underwriting has extended a capacity deal with specialist insurer CNA Hardy, it announced.
The deal sees CNA Hardy underwrite all of Pen’s modular construction policies for the next four years. Previously the insurer had been part of a consortium offering the cover.
Its modular policies allow cover either on an annual basis or per construction project for companies with a turnover above £1m.
“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”, said Pen Underwriting managing director, construction, Simon Foweraker.
”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,” he added.
CNA Hardy’s class manager (casualty), Justin Godman said: “Over the course of our partnership with Pen we have developed a strong, reciprocal relationship and are really pleased to renew our agreement, which supports our mutual commitment to the construction sector.
”Key to the success of our relationship has been trust and transparency. 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.”
The policy was launched in 2017 and cover Public & Products Liability; Employers’ Liability; Contract Works; Own and Hired-in Plant; JCT 6.5.1; Terrorism; Crisis Management Costs; Property Owners’ Liability; and Legal Expenses (provided by Abbey Legal).