Pen Underwriting has announced some changes to its divisional structure to bring together core underwriting capabilities and expertise, for the benefit of its brokers, while orientating to execute its strategy of growth and diversification.
As of 1 August, Pen will separate out its International & Financial Lines (IFL) division creating a standalone UK Financial Lines & Specialist Liability division. This will be led by Richard Webb who will become Managing Director of the new division and join the Pen Executive Committee. The recently expanded, newly dedicated International division – having welcomed two acquisitions in the last three months – will continue to be led by Adrian Scott as MD.
The structural changes follow not only the expansion of the IFL division, with Pen having invested in significantly increasing the proportion and range of risks it writes emanating from outside the UK, but also brings together the full breadth of its UK financial lines expertise from both Pen and the 2021-acquired Manchester Underwriting Management (MUM).
Founder of MUM and current CEO Charles Manchester will become Chair of the new UK Financial Lines & Specialist Liability division, providing ongoing strategic counsel and support to the teams and business, as they continue to execute on their growth strategy.
Richard Webb is currently the Director of MUM responsible for broker development, marketing and claims, and joined Pen in October 2021 when MUM was acquired and became part of the Pen family. He brings 37 years’ insurance industry experience to his new role, having held senior positions at HCC International and Hiscox, prior to joining MUM in 2010.
Tom Downey, CEO of Pen Underwriting, said: “The creation of our standalone divisions focused on International business and UK Financial Lines & Specialist Liability is testament to our investment, diversification and growth in these two areas over recent years. Creating dedicated divisions with a streamlined and focused approach best positions us to continue that growth trajectory, by bringing together the best blend of expertise, experience and technical knowledge to expand the respective product areas in line with our ambitions.
“I’m delighted to welcome Richard onto the Pen Executive Committee, and know his decades of industry experience and 13 years on MUM’s leadership team stand him in excellent stead to lead the full breadth of our financial lines and specialist liability propositions, driving and developing opportunities to further enhance our broker offering.
“I would also like to thank Charles for being such an exceptional leader of MUM, from first founding and then building such a successful business. I know his extensive experience, knowledge and strategic advice will continue to prove invaluable to the new UK Financial Lines & Specialist Liability division and the wider Pen business.”