The five-year deal will see Zurich provide capacity for £165m worth of premiums
MGA Pen Underwriting has confirmed a five-year capacity deal with insurer Zurich for its hazardous goods and environmental industries’ motor fleet proposition.
Zurich will provide capacity for more than £165m of premiums for Pen’s customers in the high hazard transportation and distribution sector, which includes companies working in fuels and oil, chemicals, lubricants, liquefied petroleum gas (LPG), liquid waste and industrial cleaning, as well as non-hazardous tanker operators.
Pen and Zurich’s partnership around capacity provision has been ongoing for more than 30 years.
Speaking on the deal, Pen Underwriting’s managing director of hazardous goods and environmental industries Adam Shefras said: “We are absolutely delighted to secure the continued long-term commitment from Zurich in support of our UK fleet insurance solution in this highly specialist market.
“Set against the current backdrop of market challenges, the strength and longevity of our partnership with Zurich, our decades of experience and close relationship with industry bodies enable us to provide brokers and their clients with much-needed consistency, appropriate protection and long-term sustainability across a sector that has to be able to manage catastrophic losses.”
Kevin Morton, strategy manager at Zurich, added: “Our long-term collaboration with Pen Underwriting and mutual commitment to keeping the UK’s hazardous and environmental industries moving is one we are very pleased to renew and build upon.
“Pen’s sector expertise, underwriting discipline, claims service, provision of timely and accurate data and constant drive for improvement in all aspects of the portfolio continue to make this an important and attractive distribution opportunity for Zurich and an extremely valued partnership.”