Managing general agent Pen Underwriting has announced an increased multi-million-pound capacity deal to bolster its UK property owners practice. Pen says the new deal will enable it to write £120m in premium over the next three years with a continued focus on sustainable growth.
The capacity is provided by Endurance Worldwide Insurance and extends an initial three-year partnership, first through the more complex, individually transacted policies before extending its backing last year to include Pen’s digital propositions. The new deal effectively doubles the capacity provision agreed with EWIL in 2023.
Pen’s UK-focused property owners practice offers cover for a diverse range of risks across commercial and residential, blocks of flats, standard and non-standard, occupied and unoccupied properties. The digital proposition can be accessed via Pen’s own proprietary platform – Pen Central – or software houses including Acturis and Open GI, with underwriters available to deal with referrals, more complex risks, higher sums insured or larger portfolios.
Caroline King, head of property owners insurance at Pen Underwriting, said: “We are delighted to be building on our successful partnership with Endurance in this way, enabling even greater numbers of UK property owners to benefit from our flexible cover and experienced team while supporting shared ambitions for sustainable growth.
“Our commitment to delivering fast, effective solutions for brokers and their property owner clients in what is a dynamic market has seen us invest in enhanced data and analytics to ensure that increased quotability and conversion sit alongside our strict underwriting discipline. This has enabled more risks to go straight through the digital trading process due to reduced referral triggers, with a greater ability to make real-time pricing adjustments based on what the granular data is telling us.”
