The latest from Pen Underwriting, who have announced the expansion of its partnership with global (re)insurer SiriusPoint through a new capacity deal in support of international professional indemnity (PI) risks.
The agreement will see SiriusPoint provide 100% capacity for Pen’s international PI portfolio, with its dedicated London market team that brings more than 15 years of consistent underwriting experience and expertise in this area. The offering provides cover for PI risks emanating from outside the UK and Ireland, across multiple professions and territories.
Today’s deal builds on the strategic partnership between Pen and SiriusPoint, which now extends across a range of underwriting specialisms. It follows the April 2024 announcement of SiriusPoint as the new long-term capacity provider for Pen’s specialist social housing practice, which supports the not-for-profit housing association sector with its diverse insurance needs and exposures.
Tom Downey, CEO of Pen Underwriting, said: “We are delighted to be expanding our relationship with SiriusPoint into new sectors of specialist risk. International PI is an area of mutual appetite and well-positioned for growth, with our team known for a consistent underwriting approach, keenness to trade and ability to create bespoke solutions while keeping sustainability and service at the fore.
“As a strategic partner, SiriusPoint understands the importance of taking a long-term approach but is also quick to recognise the value of propositions and quality opportunities. Their commitment to the MGA sector and focus on shared success, makes them a great fit for international PI, where we look forward to growing our capabilities and reach yet further.”
Rob Gibbs, President & CEO of SiriusPoint International, said: “We’re proud to extend our strategic partnership with Pen Underwriting, building on our support across Pen’s portfolio, which now spans social housing, marine, and professional indemnity. The partnership also extends our collaboration across the globe, as we leverage our valuable Lloyd’s platform. Our expansion with Pen is a strong example of how we’re realising our strategy to deepen existing relationships to deliver even greater value with our MGA partners. We look forward to continued collaboration with Pen into the future.”
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