Tom Downey announced as new Chief Executive for Pen Underwriting
Published On : 11 Feb 2020
Pen Underwriting has today announced the appointment of Tom Downey to the role of Chief Executive Officer, subject to regulatory approval, taking over the leadership of the £500m GWP underwriting business from current CEO Jonathan Turner.
The move will see Tom — who joined Pen Underwriting as Managing Director of Specialty in 2014 before being appointed Chief Underwriting Officer in 2017 — assume full day-to-day management of Pen and its team of more than 350 insurance professionals across its 12 UK offices.
Tom’s promotion sees two other members of Pen’s leadership team assume new Executive-level responsibilities:
• Jennifer Martin, Managing Director of International & Financial Lines, will succeed Tom as Chief Underwriting Officer, subject to regulatory approval. Jennifer joined Pen Underwriting in 2015 initially to build and drive the expansion of its specialist financial lines business into international territories, before being promoted to lead its overall International & Financial Lines division. Upon regulatory approval, Jennifer will also join the Pen Board.
• Adrian Scott, Head of Cyber Liability, will succeed Jennifer as MD of International & Financial Lines. Adrian joined Pen Underwriting in 2016 to enhance its capabilities in cyber risk management and insurance, build a dedicated team of sector specialists and extend the geographic reach of Pen’s cyber propositions. Adrian’s promotion will also see him become a member of Pen’s Executive team.
Tom Downey said: “From my very first day six years ago, I’ve been passionate about Pen as a specialist underwriting business and am incredibly proud of the virtual insurer we have shaped and built as a team. Pen now brings together all the robust capabilities of an insurance company with the entrepreneurial mind-set and flexibility of an MGA that continues to deliver for our customers and capacity providers alike.
“It’s both exciting and an honour to be taking over the CEO baton from Jon who has been an inspirational leader for the business. It’s been a pleasure and a privilege to work with him.
“I’m also delighted to promote Jen and Adrian to their new roles. Being able to appoint members of our existing team into such pivotal positions is testament to our talent within Pen and our commitment to developing that talent, and I know both will excel with their new responsibilities.”
Jonathan Turner said: “Five years ago, Pen Underwriting was essentially a disparate group of 12 specialist underwriting businesses and Tom has been integral to their effective integration and our transformational change. There’s no pair of hands more skilled and secure to which to pass Pen’s leadership reins.”
Jonathan Turner has been appointed as CEO of the UK-based Speciality business within global insurance broker, risk management services and consulting firm Gallagher — Pen Underwriting’s parent company — subject to regulatory approval.