The £100m deal started on 1 August
MGA Pen Underwriting has secured a £100m multi-year capacity deal for solicitors’ professional indemnity (PI) insurance – this will allow the firm to write 20% more premium in this line annually.
The three-year agreement, backed by A-rated security, begun on 1 August.
Pen Underwriting plans to use its increased capacity to offer primary solicitors’ PI cover up to £3m for upcoming 2020 renewals – this will benefit customers such as sole practitioners and firms with 20 or more partners.
Paul Crilly, head of Solicitors’ PI at Pen Underwriting, said: “With a number of insurers and MGAs choosing to exit the solicitors’ PI market over the course of the last year, we know how much brokers value our long-term commitment to providing protection to UK law firms, as well as our focus on great service and the ability to quote for a wide range of activities.
“Backed as we are by A-rated security and capacity partners that value the expertise, high quality data, actuarial analysis and broad distribution we bring them, we will continue to expand our business in a sustainable way to offer UK brokers the right mix and level of protection sought by their solicitor firm clients.”
Pen Underwriting has a team of in-house solicitors’ PI claims specialists as well as its own technical underwriters.
Tom Downey, chief executive at Pen Underwriting, added: “To not only secure but increase capacity in a specialist class like solicitors’ PI, especially given the current backdrop of tightening capacity generally, is a huge endorsement of our team’s quality and technical capabilities.
“This is another great example of how Pen’s ability to deliver the loss ratios targeted by our capacity providers is resulting in the reassurance of long-term cover provision in challenging markets for our brokers and their customers.”