Pen Underwriting underscores commitment to social housing sector with SiriusPoint capacity deal
Published On : 19 Apr 2024
Pen Underwriting can today announce a new strategic partnership with global (re)insurer SiriusPoint in support of the highly specialist housing association sector, with a long-term capacity deal.
The multi-year agreement will see SiriusPoint provide 100% capacity for Pen’s specialist social housing practice, which has more than 20 years of consistent underwriting experience and expertise, enabling it to write more than £150m in premiums.
Pen’s proposition covers the not-for-profit housing association sector, which owns, rents and manages residential accommodation and commercial properties, with insurance for buildings, incidental contents, property owners’ liability and terrorism.
Simon Perry, Managing Director of Real Estate, and Head of Social Housing at Pen Underwriting, said: “Our new partnership with SiriusPoint represents an exciting evolution for our social housing business. Joining forces with a like-minded organisation, known to be a committed capacity provider for MGAs, will enable us to channel more than 20 years of underwriting knowledge and insight into further enhancements for the benefit of our housing association clients.
“Social housing is an integral part of Pen’s large, growing public sector business, and we are proud to help the UK’s housing associations manage and mitigate their cost of risk by delivering strong capacity to the sector for clients seeking tailored insurance solutions in a highly specialised area.”
Rob Gibbs, CEO of International at SirusPoint, said: “Pen Underwriting is a new partner for SiriusPoint, although we have long admired and tracked its progress to a high calibre business with underwriting and distribution at its heart. We are looking forward to partnering with the team at Pen as it continues to execute its clear growth strategy, and develop its proposition within the social housing market. Partnering with expert MGAs is key to SiriusPoint’s strategy, and our partnership will further strengthen our portfolio while reinforcing our commitment to the MGA sector.”
Seb Simmonds, Managing Director of Public Sector at Pen Underwriting, added: “SiriusPoint has an extensive portfolio of growth-focused strategic partnerships with MGAs across the major global (re)insurance hubs, built on achieving mutual success, making them an excellent fit for Pen.
“They recognise the value of our proposition, having taken the time to understand the market, the historical performance of the sector and our team’s disciplined approach to robust underwriting. SiriusPoint can see what our social housing team’s extensive experience means for both our housing association clients and writing a sustainable, successful book. It is fantastic to have them on board.”
