Pen Underwriting today announces the extension of its strategic partnership with specialist insurer CNA Hardy to support its comprehensive, flexible and modular construction offering with A-rated security, following a multi-year renewal of their existing capacity deal.
The agreement will see CNA Hardy continue to provide 100% capacity for up to £50m in premiums through until 2024 for Pen’s construction business which has grown substantially since the onset of the relationship.
The existing exclusive partnership consolidated and built on a previous relationship whereby CNA Hardy had provided capacity to Pen’s construction business as part of a wider consortium since 2014.
Simon Foweraker, Managing Director of Construction at Pen Underwriting, said: “Having amassed more than 20 years’ experience in construction underwriting, when we came to revamp and relaunch our entire offering a few years ago it was vital we selected a strong insurance partner to back our modular approach and broad underwriting footprint. Joining forces with CNA Hardy has proved the perfect partnership.
“Together we have created a consistent, sustainable and growing business that enables brokers to choose the right mix of covers that their construction clients want and need – something that construction, as a diverse, challenging and changing industry demands. Now more so than ever.”
Justin Godman, Class Manager (Casualty) at CNA Hardy, said: “Over the course of our partnership with Pen we have developed a strong, reciprocal relationship and are really pleased to renew our agreement, which supports our mutual commitment to the construction sector. Key to the success of our relationship has been trust and transparency. The quality and accuracy of the data and management information produced by the team at Pen has enabled us to grow the account in a measured, strategic and sustainable way.”
Pen’s modular construction insurance offering enables cover to be secured on an annual or single-project basis, offers comprehensive cover across more than 70 trades and specialises in companies with turnover greater than £1m