Pen Underwriting secures new consortium backing for non-standard home specialism

Pen Underwriting has announced major new consortium backing for its non-standard home insurance specialism in the UK, Channel Islands and Isle of Man.

The multiyear deal will see A-rated insurers Zurich and Hiscox provide support for the MGA’s specialist property insurance business.

This encompasses a mid net worth portfolio, as well as risks that are typically difficult to place within a standard market, such as homes with unusual features or occupancy and customers with specialist risk criteria.

“The consortium will empower Pen Underwriting through a delegated arrangement and provide first-class security on a long-term basis, for the benefit of distribution partners and end customers,” the MGA said.

Andrew Booth, managing director of property and personal at Pen Underwriting, said: “We are absolutely delighted to be expanding our decades-long capacity collaboration with Zurich into non-standard household risks and excited to be joining forces with Hiscox in its first strategic partnership with Pen Underwriting.

”Their collective backing and trust in Pen Underwriting’s proven expertise in underwriting means we have significant scope to grow our already large portfolio and meet the rising demand for specialist property insurance, as well as from customers with standard homes but specialist needs.”

Expansion

The deal builds on Zurich’s existing strategic partnership with the MGA across multiple lines of business, including over capacity for specialist fleet business. This covers everything from fuel tankers and chemical carriers to hazardous waste and passenger transport.

David Nichols, head of retail at Zurich UK, said: “We are delighted to extend our long-term strategic partnership with Pen Underwriting building on many years of successful collaboration.

”Our specialist insurance portfolio has grown significantly over the last few years and we are committed to supporting partners in delivering long-term value and sustainable growth. Its expertise and focus on portfolio performance will ensure that we continue to achieve further success.”

For Pen Underwriting and Hiscox, meanwhile, the multiyear agreement marks a new strategic partnership.

Gareth Hemming, chief distribution officer at Hiscox UK, said: “Hiscox UK is already an established leader in the high net worth property market. A new strategic partnership with Pen Underwriting, a high-quality partner with a proven track record in specialist markets, is another step in our journey to expanding into adjacent niches and further growing our distribution footprint.”