Pen to continue investment in digital and in-person trading after securing Lloyd’s box

Pen Underwriting will continue to invest in both digital distribution and face-to-face trading after taking a box at Lloyd’s of London.

That was according to Adrian Scott, international managing director at Pen Underwriting, who told Insurance Times that “striking the right balance” of in-person trading with electronic assistance is “driven by maximising accessibility and choice”.

Earlier this year (22 November 2023), the managing general agent (MGA) announced that it secured a stand at Lloyd’s as part of plans to make more of its underwriters available to brokers for face-to-face trading.

It will be based in box 393, which is located on gallery three of the trading floor.

Scott said the move will allow his firm to provide an “incredibly powerful offering” due to its distribution capabilities combined with Lloyd’s capacity.

“We see huge benefits in continuing to invest in both digital distribution and face-to-face trading where the in-person platform is as powerful as that offered by Lloyd’s,” he added.

’Enormous value’

Pen Underwriting’s move into the box came two months after Lloyd’s reopened its underwriting room, which had closed due to refurbishment works.

It will be manned by the MGA’s team of specialist marine underwriters, who will provide brokers with support in placing complex risks in the sector.

This includes brown water hull, war risk and ports and terminals liability.

Chris Goddard, co-managing director of Marine, said: “When we came together earlier this year to create Pen’s new marine specialism, we signalled our intent to deliver consistently high, industry-leading service levels.

”Lloyd’s provides us with a platform where we can build strong personal connections with brokers.”

Scott added that Lloyd’s holds “enormous value” through its global market access, variety of appetites and offerings, which were “all backed up by reputation, expertise and financial security”.

“London is an insurance market centuries-long built on relationships, expertise and knowledge transfer and marine business, in particular, remains a strong face-to-face trading environment,” he said.

“As a business committed to providing the highest level of customer service, we want our brokers to have the choice of how they wish to trade with us.”