Product Governance

Personal Accident & Flexible Benefits

Target market statements will help you understand who each product is intended for, and who it’s not suitable for, based on our analysis. Our teams have created clear and concise fair value assessments for each of the Pen Underwriting products, so you can see our assessment of the value for your clients.

Please be aware that our target market statements (TMS) and fair value assessments (FVA) are intended to be used by insurance brokers, and are not meant to be shared with policyholders.

If you can’t see a target market statement or fair value assessment, or if any detail is unclear, you are required to notify us.  Please get in touch at agency.uk@penunderwriting.com.

2025/26

Pen TMS_FVA Corporate PA and Business Travel 2025

Pen TMS_FVA Corporate (Benefits) Leisure Travel 2025

Pen TMS_FVA Corporate (Benefits) PA 2025

Pen Underwriting Distributed PA (Sole Trader) AIG Sept 2025

Pen Underwriting Distributed Athletic Club AIG (Sept 2025)

Pen Underwriting Distributed Corporate PA and Travel AIG (Sept 2025)