A Virtual Insurer
Ever wondered why we are called Pen?
It’s not just because we underwrite risks, but because we are an MGA (Managing General Agent).
That means we don’t carry risk, or to put it more simply, don’t carry the capital to pay claims; this is done by our capacity partners who delegate the authority to underwrite risks to us – a process that is called “giving away the pen”.
But we are more than just an MGA; what separates Pen from other underwriters is that we are a virtual insurer.
Being a virtual insurer means we are a robust underwriting business with the look, feel and technical expertise of an insurance company or Lloyd’s syndicate. Whether it’s underwriting, sales, claims handling, governance or compliance – we have the expertise to carry it out.
Our underwriters are confident and comfortable with negotiating and discussing terms and pricing conditions. We specifically recruit those with an underwriting background because that’s who we are and what we want to portray to our partners, our brokers and our capacity providers. We understand the need for flexibility and capability because there will be unique circumstances for clients that we need to respond to.
We also offer more ways to do business than ever before – whether that’s face-to-face through a broker, via a broker software platform, or on a sub-delegation basis to coverholders locally on the ground. We have even developed our own e-trading platform to make it even easier for brokers to work with us.
But operating as a virtual insurer means still more than this.
Pen has all the operational capabilities of a typical insurance company - from sales and marketing to distribution, pricing and product innovation.
Capacity partners also know that not only do we have the risk and control mechanisms of an insurer, like governance and compliance, but we have the claims expertise and standards to deliver a best-in-class service to those we insure.
It’s this combination of skills that makes Pen different, and that’s why brokers and capacity partners want to work with us.