Pen Underwriting has announced a multi-year strategic partnership with Aviva to strengthen its personal lines and property owners’ business, which will see Aviva providing capacity for over £100m in premium per annum.
Under the terms of the new deal, Aviva will provide 100% capacity across these business lines within Pen’s personal lines division from 1st April 2023 for risks placed with Pen via both coverholders and brokers.
Jennifer Martin, Chief Underwriting Officer for Pen Underwriting, commented, “This is an absolutely fantastic deal for all stakeholders, combining the power of the Aviva brand with that of Pen and bringing together two parties with a shared vision of ambitious, sustainable growth.”
“To have secured long-term capacity for our personal lines and property owners’ business so many months ahead of inception is a huge endorsement of the quality we have built within Pen and our professional approach to capacity management. Together with Aviva, we have created long-term certainty for brokers, coverholders and their customers alike.”
The deal builds on Aviva’s current partnership with Pen, where it currently provides reinsurance capacity for its personal lines business. With this new announcement, Pen will benefit from Aviva’s position as a leading insurer in the UK with extensive customer and broker insight across its business.
Jon Santer, MD Personal Lines Broker at Aviva, added, “We’re delighted to enter into a strategic partnership with Pen Underwriting which brings together Aviva’s position as a leading insurer with Pen’s specialist expertise.”
“As an existing partner, Pen is a great strategic fit for Aviva and this deal will enable us to extend our reach into other property risks and offer insurance products to a broader range of customers. We look forward to working with them over the next few years.”
Pen suggests the agreement will broaden its capabilities as a virtual insurer in not only underwriting and distribution, but also insight and pricing, risk and governance, and claims handling.