Pen secures new social housing capacity deal with £300m premium potential

Pen Underwriting has extended its capacity partnership with SiriusPoint for its specialist social housing business through to at least 2030.

The multiyear agreement will enable the MGA to write in excess of £300m in premium over the course of the extended partnership.

The new deal was agreed ahead of the existing arrangement’s expiry and will see SiriusPoint continue to provide capacity for the MGA’s specialist social housing practice.

The two firms established their strategic relationship in 2024, with the latest agreement reflecting their intention to maintain a long-term presence in the housing association market.

Simon Perry, managing director of real estate and head of social housing at Pen Underwriting, said: “Agreeing this extension with SiriusPoint well in advance is a strong endorsement of the partnership we have built together, our disciplined portfolio management and our shared commitment to the social housing sector.

“Long-term, sustainable capacity is hugely important in a specialist market like social housing.”

Long-term commitment 

Pen’s social housing practice has more than 20 years of underwriting experience and provides cover to the not-for-profit housing association sector.

Its proposition includes insurance for buildings, contents, property owners’ liability and terrorism.

Perry said that securing capacity through to at least 2030 would allow the MGA to continue investing in its proposition and develop ways to help housing association clients manage and mitigate their risk exposures.

Patrick Charles, global head of property and casualty programs at SiriusPoint, said the extension demonstrated its confidence in Pen Underwriting’s expertise, underwriting approach and long-term strategy.

He added: “The social housing sector plays a vital role in supporting communities across the UK and we are proud to support a market where specialist knowledge, long-term partnerships and stability of capacity remain important.

“We’re pleased to extend our partnership and look forward to building on our success with Pen Underwriting in the years ahead.”