Pen Underwriting continues investment in marine specialisms with enhancements to yacht capacity
Published On : 02 Jun 2026
Pen Underwriting, the multi-class multi-territory managing general agent (MGA), has continued its investment in client cover enhancements within its specialist marine practice, with a 50% increase in yacht hull limit to USD / EUR 15 million, effective immediately.
Trading under its specialist brand Vessel Protect, Pen is extending its already broad underwriting appetite with stamp capacity up to USD / EUR 15 million, on a worldwide basis, backed by A-rated Lloyd’s and London market capacity. This is up from the original USD / EUR 10 million hull capacity when it launched into the global yacht insurance sector in 2024, focused on the mid-value section of the yachts market where capacity was more limited.
This latest enhancement follows the addition of a USD / EUR 10 million liability limit in November 2025, which includes US insureds, US flag and US waters, as well as crew liability up to USD / EUR 5 million, to complement its yacht hull offering.
Paul Wood, Product Lead – Yachts at Vessel Protect, part of Pen Underwriting’s marine practice, said: “Servicing and supporting the mid-value section of the global yacht market, where capacity has historically been more limited, remains our sweet spot. But increasing our hull limit by 50% gives us, as underwriters, and our brokers even greater flexibility and scope to support their clients.
“Our focus is on providing sustainable risk solutions tailored to the specific needs of clients’ individual assets alongside data-driven underwriting and first-class customer service – even in complex scenarios. So, we’re delighted to now be able to accommodate an even more diverse portfolio of yacht risks in the mid-section of the market.”
Vessel Protect’s specialist yacht insurance solutions are designed to protect high-value maritime investments by offering comprehensive coverage for hull, engines, equipment, tenders, and war risks, along with third-party liability, crew liability plus coverage for uninsured boaters, pollution, and medical expenses.
Vessel Protect
Vessel Protect is a trading name of Pen Underwriting Limited and specialises in underwriting marine war risks, kidnap & ransom (piracy) and yacht insurance. 100% backed by A-rated Lloyd’s syndicates and London market insurers, Vessel Protect tailors insurance protection to complex client risk and exposure while offering swift, simplified quote-and-bind cover via its digital platform.
For more information see www.vesselprotect.com
Pen Underwriting
Pen Underwriting is a multi-class, multi-territory virtual insurer – able to offer all the capabilities you’d expect from an insurance company, except insurance capital provision, combined with the entrepreneurial energy, niche expertise and flexibility that MGAs (managing general agents) are known for. With c500 colleagues located across 15 offices in three countries, Pen has four trading divisions – UK Commercial; Property & Personal; Public Sector & International; and Republic of Ireland. Between them these divisions offer 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-secure placements and international risks. Already one of the largest MGAs headquartered in the UK, responsible for managing c£1bn gross written premium (GWP), Pen has a bold ‘2030 Vision’ – to become a £1.75bn GWP underwriting and distribution business, through a combination of organic and acquired growth, and the leading MGA in the UK and wider EMEA region with the best products, people and culture.
For more information see www.penunderwriting.co.uk
