Pen Underwriting, a multi-class multi-territory managing general agent (MGA), has officially launched in the UK mid-market professional indemnity (PI) segment, catering to firms with larger fee incomes or higher turnovers.
The new offering is backed in capacity by a panel of A-rated insurers that the MGA has partnered with, which complements the firm’s existing specialism in SME PI risks, which covers a diverse range of underwriting professions.
The new offering will apply to a broad range of in-scope professions, including accountants, architects, consulting engineers, design and construct firms, amongst others.
The MGA explained that, in addition to having a broad underwriting footprint, there will be no gap in terms of fee income or turnover of businesses that it can underwrite via its mid-market or SME facilities.
The new offering, in combination with Pen’s ability to e-trade PI risks, ensures brokers have access to a seamless PI solution, to adhere to clients’ size and needs.
Sachin Gupta, Managing Director for UK PI, Pen, commented, “Extending our PI risk appetite to include larger firms, which are typically more complex, is another example of how we listen to our broker partners and respond. When brokers were calling out for greater choice for surveyors’ and valuers’ PI, we expanded into that specialist market.
“When cover options became limited for their own profession, we responded and created tailored cover for insurance brokers. Now we are doing the same for mid-market PI risks, where brokers tell us they want more market choice and easier ways to place larger client risks, especially in the regions.”
He continued, “By taking a consortium approach to capacity – with various quality A-rated insurer markets behind us – our empowered underwriters can now use their expertise to work closely with brokers right across the UK to offer one-stop solutions for their larger PI client risks.”
