It’s a big day for deals – this one just in from Pen Underwriting.
Pen Underwriting today announces that it has acquired Manchester Underwriting Agencies Limited and its wholly owned subsidiary Manchester Underwriting Management Limited (“MUM”) for an undisclosed sum.
Established in 2010 as a specialty underwriting agency by Charles Manchester, MUM has since grown organically and through a small number of bolt-on acquisitions into a multi-class, full service underwriting agency with a team of 50 generating more than £60m gross written premium (“GWP”). Based across five locations in the UK, MUM deals exclusively through brokers, is primarily focused on SME business and specialises in professional indemnity (“PI”) and management liability lines, as well as casualty.
Commenting on the acquisition of MUM, Tom Downey, CEO of Pen Underwriting, said: “When we set out our strategy of accelerated growth last year and vision to become a £1bn GWP underwriting and distribution company, we made clear that the acquisition of quality, specialist underwriting businesses led by highly skilled and respected management teams would be a core and critical element. MUM demonstrates every single one of those traits and much more.
“Its financial lines’ specialisms are complementary to our own, adding breadth and depth as well as real bench strength in new areas of PI like Surveyors & Valuers and UK Insurance Brokers.
“Culturally our businesses are also brilliantly aligned. Like Pen, MUM has a firm focus on writing profitable, sustainable business underpinned by a robust underwriting discipline and is just as focused on investment in great people, where support, career development and internal progression are to the fore. We couldn’t be more delighted at the prospect of bringing MUM into the Pen Underwriting family and extend a very warm welcome to Charles and his team.”
Founder and Chief Executive Officer of MUM, Charles Manchester, added: “I am incredibly proud of the business we have built together as a team over the last decade – respected in our chosen sectors, backed by high-quality A-rated capacity and consistently profitable. Becoming part of a larger group will enable us to deliver the next level of growth but it had to be with the right partner. Pen’s management team shares our mindset and our motivations. This will be a great partnership for colleagues, capacity partners, broker clients and customers alike.”