Pen Underwriting announces new £100m capacity deal

Pen Underwriting has announced a new multi-year capacity deal that extends its commitment to the UK solicitors’ professional indemnity (PI) market.

In a statement released today (24 August 2023), the managing general agent (MGA) said the binder agreement would allow it to write more than £100m for the sector over the next three years.

The deal, which has been backed by A-rated security and existing capacity providers, will last until 2026.

“Securing such a significant multi-year capacity deal is testament not only to the quality and technical capabilities of our specialists in solicitors’ PI, but the wider Pen team in delivering all the data, distribution and actuarial expertise our capacity partners demand and value,” Richard Webb, managing director of UK financial lines and specialist liability, said.

“That means we can keep providing our brokers with the reassurance they look for in terms of long-term support for their clients, even in the most specialist and challenging markets.”

Areas of focus

Pen first started supporting brokers and their law firm clients back in September 2000, when the profession first switched to the open market.

The MGA, which covers both high street businesses undertaking a mix of work and specialist firms in the sector, will use its new capacity to continue providing primary cover of up to £3m across its underwriting footprint.

Its appetite focuses on a range of areas, from personal injury and criminal law to family law and intellectual property.

Paul Crilly, head of solicitors’ PI at Pen Underwriting, said: “With the UK solicitors’ PI market having stabilised, the focus of brokers on quality of service, proposal turnaround time and ability to access complementary covers is greater than ever, and rightly so.

“We know how much brokers value our long-term commitment to providing protection to UK law firms, but the speed, accessibility and willingness of our skilled underwriters to trade, as well as our claims specialists to respond, will always be the daily deliverables by which we judge ourselves.”