Pen Underwriting accelerates growth in Ireland with acquisition of Ornella Underwriting Ltd
Published On : 07 Oct 2026
Pen Underwriting, the multi-class managing general agent (MGA), today announced that it has acquired Republic of Ireland-based MGA Ornella Underwriting Limited (“Ornella”) for an undisclosed sum.
The deal significantly expands Pen’s insurance operations in Ireland, effectively doubling it in size and premium terms; brings complementary commercial motor products to diversify Pen’s existing non-standard specialisms in haulage, transportation and fleet; adds breadth and depth across private motor, home and commercial combined insurance; and introduces new commercial insurance niches.
Based in Wexford and established in 2012, Ornella has since grown to become one of Ireland’s leading MGAs. It has a c40-strong team generating c€70 million gross written premium (“GWP”) with its products distributed through a well-established nationwide network of broker partners.
Ornella offers a broad range of commercial and personal insurances, with strengths in private car, van, fleet, home and commercial combined for a wide range of trades, while also specialising in discrete commercial products including taxi, care homes and equine insurance. The business is led by Chief Executive Officer Paul Whelan, alongside Director of Trading Jack Fennell, Chief Operations Officer & Finance Director Paul Donovan, and Director of Underwriting Brian Hughes.
The Ornella business will become part of Pen Underwriting’s growing Ireland operations, effectively doubling its size in terms of combined GWP (to circa €140m) as well as colleagues – making it a significant employer in the insurance hub of Wexford.
Tom Downey, CEO of Pen Underwriting, said: “When we established Pen in Ireland in 2024, we outlined ambitious plans for growth and expansion, and we’re delighted Ornella will be part of that future. Ornella is a great business with complementary products for the Irish broker market, led by a strong management team and fantastic people. Like us, they are focused on providing insurance solutions to a diverse range of risks in a sustainable way. Combined we will be one of the largest and most diverse MGAs in Ireland. So, this is a game changer of a deal, not just for Pen and Ornella but for our Irish broker partners who can look forward to helping more customers, more often, with great solutions from one business.”
Michael Doyle, CEO of Pen Underwriting’s business in Ireland, added: “Ornella is a natural fit and the ideal business to bring into the Pen family in Ireland, where we have created firm foundations to operationally support significant growth. Together we can offer brokers an end-to-end insurance offering on ‘all things wheels’, making us the go-to market for motor risks, whether you’re looking at a hatchback, haulage or horsebox, a tanker or a truck. But Ornella offers so much more than motor, bringing us added scale across commercial and personal lines, new niche solutions, teams of new talent and a great reputation for delivering for brokers. We’re excited to welcome our new colleagues and I’m really looking forward to working with Paul and the team to maximise the potential of our businesses for the benefit of brokers and their customers nationwide.”
Paul Whelan, CEO of Ornella, said: “Our team has built a brilliant broker-focused MGA business of real scale and diversity of which we are rightly proud, and it was important we found the right partner to support our future growth plans. From the earliest meetings, we could see Tom, Michael and the wider Pen team were like-minded leaders and the best fit. Becoming part of Pen will provide a strong platform to sustain our strategic growth while creating exciting opportunities for colleagues and further product development. Together, our complementary areas of expertise and respective product offerings create a compelling market for brokers and I’m excited to see what lies ahead.”
