Pen secures capacity deal with QIC Europe

Pen Underwriting has secured a long-term capacity deal with QIC Europe Ltd (QEL), growing its solicitors’ PI offering.

QIC Europe will offer capacity to Pen’s solicitor PI customers for cover of up to £3m for all forthcoming 2015 renewals.

The agreement between QEL and Pen was arranged by Arthur J Gallagher’s specialist binding authority team, and cover will be distributed through Pen’s broker panel.

QIC Europe has been given a financial strength rating of A by S&P. Last year, Pen Underwriting secured another S&P A-rated capacity provider for its management liability cover for solicitors.

Pen managing director Mark Armitage said: “Solicitors’ PI is a core specialism for Pen. For our broker and their solicitor clients, however, the financial security and long-term commitment of insurer partners is just as important.”