Arthur J. Gallagher & Co. has announced that its specialist underwriting subsidiary, Pen Underwriting, has acquired 100% of UK-based Manchester Underwriting Agencies Limited and its wholly owned subsidiary, Manchester Underwriting Management Limited (MUM).
Founded in 2010 by Charles Manchester as a specialist underwriting agency, MUM is a multi-class, full-service managing general agent (MGA) with five locations in the UK.
The firm specializes in providing professional indemnity and management liability coverages for SMEs through its independent retail broker clients.
Following the acquisition, the business will become part of Pen Underwriting and Charles Manchester will continue to lead MUM.
“MUM is a highly regarded specialist underwriting agency that will be a fantastic addition to the Pen family,” said J. Patrick Gallagher, Jr., Chairman, President and CEO. “It brings a complementary book of business and deep market expertise. We are delighted to welcome Charles and his associates to our growing global team.”
Tom Downey, CEO of Pen Underwriting, also commented: “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,” Downey continued. “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.”
