Pen Underwriting, a multi-class and multi-territory managing general agent (MGA), has entered into a multi-year strategic arrangement to support its non-standard household insurance portfolio across the UK, Channel Islands, and Isle of Man.
From 1 April 2026, a new insurer consortium led by Zurich and Hiscox will provide capacity for Pen’s specialist property portfolio.
The portfolio includes mid-net-worth business as well as risks that can be more difficult to place in the standard market, such as properties with non-typical features or occupancy, and customers with more complex risk profiles. The arrangement also includes access to Flood Re.
The partnership makes use of Pen’s underwriting, distribution, pricing, governance and claims capabilities. Operating under a delegated authority structure, the agreement is intended to provide consistent long-term backing and security for brokers and policyholders.
It also extends Zurich’s existing relationship with Pen across multiple lines, including their ongoing work together in the UK and Ireland on specialist fleet risks, such as fuel tankers, chemical carriers, hazardous waste operators and passenger transport.
For Pen and Hiscox, the agreement represents a new working relationship, with a shared objective of achieving steady and sustainable growth in the non-standard property insurance segment.
Andrew Booth, Managing Director of Property & Personal at Pen Underwriting, commented: “We are absolutely delighted to be expanding our decades-long capacity collaboration with Zurich into non-standard household risks and excited to be joining forces with Hiscox in its first strategic partnership with Pen.
“Their collective backing, and trust in Pen’s proven expertise in underwriting, means we have significant scope to grow our already large portfolio and meet the rising demand for specialist property insurance as well as from customers with standard homes but specialist needs.
“In recent years, the non-standard household market has restructured itself, tapering to providers with long-standing, data-led expertise and a track record in writing these risks sustainably and profitably – while other insurers have chosen to move away from such risks. Our own commitment remains resolute, and we look forward to continuing to help brokers deliver great customer outcomes in more complex risk scenarios.”
Gareth Hemming, Chief Distribution Officer at Hiscox UK, added: “Hiscox UK is already an established leader in the high-net-worth property market. A new strategic partnership with Pen, a high-quality partner with a proven track record in specialist markets, is another step in our journey to expanding into adjacent niches and further growing our distribution footprint.”
David Nichols, Head of Retail at Zurich UK, said: “We are delighted to extend our long-term strategic partnership with Pen Underwriting building on many years of successful collaboration. Our specialist insurance portfolio has grown significantly over the last few years, and we are committed to supporting partners in delivering long-term value and sustainable growth. Pen’s expertise and focus on portfolio performance will ensure that we continue to achieve further success.”
