Pen Underwriting launches into UK mid-market PI sector

Pen Underwriting has launched into the UK mid-market professional indemnity (PI) sector.

The MGA has made the move to make it easier for broker partners to place larger or more complex PI risks.

The new offering is designed for firms with larger fee incomes or higher turnovers and will apply to a broad range of in-scope professions – from accountants, architects and consulting engineers to design and construct firms.

There will also be no gap in terms of fee income or turnover of businesses that Pen Underwriting can underwrite via its mid-market or SME facilities. 

Sachin Gupta, managing director of UK PI at Pen Underwriting, said: “Extending our PI risk appetite to include larger firms, which are typically more complex, is another example of how we listen to our broker partners and respond.

“When brokers were calling out for greater choice for surveyors’ and valuers’ PI, we expanded into that specialist market. When cover options became limited for their own profession, we responded and created tailored cover for insurance brokers. Now we are doing the same for mid-market PI risks, where brokers tell us they want more market choice and easier ways to place larger client risks, especially in the regions.”

Capacity

The MGA has partnered with a panel of A-rated insurers to provide capacity behind its new offering.

Gupta said: “By taking a consortium approach to capacity – with various quality A-rated insurer markets behind us – our empowered underwriters can now use their expertise to work closely with brokers right across the UK to offer one-stop solutions for their larger PI client risks.”