Pen Underwriting takes box at Lloyd’s as investment into ease of doing business continues
Published On : 22 Nov 2023
Pen Underwriting has continued its investment into maximising ease of trade and broker access to its growing range of international insurance products by taking a box at Lloyd’s.
Box 393 is located on gallery 3 and will be manned by Pen’s team of specialist marine underwriters, providing brokers with support in placing complex marine risks in areas including brown water hull, war risk and ports & terminals liability. In time, Pen intends for the box to diversify into complementary products and other lines of business that have Lloyd’s distribution, increasing the range of underwriter expertise available for face-to-face trading.
Chris Goddard, Co-Managing Director of Marine at Pen Underwriting, said: “We are proud to take our place on the trading floor of Lloyd’s. As a team of specialist underwriters, dedicated to offering international insurance protection in a particularly traditional market like marine, our desire to simplify the way business is transacted has driven us since launch.
“While that simplification often means investment in innovative technology, it also means making sure in-person trading is readily accessible when needed. Box 393 enables all our niche marine underwriters to come together in one place for brokers and to be on hand to discuss and place complex risks.”
Adrian Scott, Managing Director of International at Pen Underwriting, said: “Being a visible and accessible part of the trading floor at Lloyd’s is a key component of our marine team’s growth strategy. For the first time, brokers will be able to visit the Pen-branded box where we will have a unified marine presence that brings together all our marine brands and the full complement of our expertise whenever they need it.
“As a globally important insurance hub, we see Lloyd’s as a valuable distribution channel in Pen’s future, not only for marine risks, but other specialist lines of business. Maintaining and indeed continuing to develop the ability to trade with brokers face-to-face will cement those relationships further and fully complements our digital solution offerings, which provide real-time self-serve quote and bind platforms. Having these multiple styles of distribution provides our broker partners with the choice of how they wish to engage with Pen.”
Pen established its Marine specialism in April this year, when it acquired five distinct underwriting businesses – Vessel Protect, Trafalgar Marine Trades, BMM Ports & Terminals, Fortify Marine and Freeboard Maritime – backed by 100% Lloyd’s capacity. Each team is dedicated to supporting niche areas of marine and brings internationally focused underwriting capabilities across marine war risks, kidnap & ransom, marine trades’ liability, ports & terminals liability, brown water and hull & machinery.
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Pen Underwriting is a multi-class, multi-territory managing general agent (MGA) that operates as a virtual insurer, meaning it can fulfil all the typical functions of an insurance company — from underwriting, sales & distribution, pricing & analytics, product innovation, risk & governance through to claims handling — other than the provision of insurance capital.
Pen Underwriting has five divisions — International, UK Financial Lines & Specialist Liability, Public Sector, SME & Personal Lines and Specialty Lines — offering a wide and growing range of specialisms from e-Solutions and delegated authorities for volume business through to specialty products with individual underwriting for hard-to-find placements.
Already one of the UK’s largest MGAs, Pen has a bold vision to become a £1bn gross written premium (GWP) underwriting and distribution business. In April 2023 it acquired Tay River Holdings Ltd and its five specialist marine MGAs – Vessel Protect, Trafalgar Marine Trades, BMM Ports & Terminals, Freeboard Maritime and Fortify Marine – adding more than £90m GWP to the overall Pen Family; before acquiring specialist Norwegian MGA Fender Marine in July 2023, adding another £14m GWP.
Together, the businesses now generate more than £810m GWP with a combined team of over 460 insurance professionals.
For more information see www.penunderwriting.co.uk