Product Governance

Specialist Liability & Casualty

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 Underwriting Distributed CAR UK Casualty 2025

Pen Underwriting Distributed CAR ROI Casualty 2025

MUM TMS Excess of Loss ROI Specialist Liability (Casualty) 2025

MUM TMS_FVA Excess of Loss UK Specialist Liability (Casualty) 2025

MUM TMS_FVA Primary UK Specialist Liability 2025

MUM TMS_FVA Primary ROI Specialist Liability 2025

2024/25 

Pen Underwriting Distributed UK Management Liability 11.2024