Pen Underwriting has reached an agreement with QBE in which the Australian reinsurance giant will provide capacity for hazardous goods and environmental industries within the property & casualty (P&C) segment in Ireland.
The partnership will take effect from January 1st 2018, giving Pen’s brokers and their clients in Ireland access to enhanced cover, and supporting Pen’s appetite for strategic growth in the sector.
Adam Shefras, Managing Director of Hazardous Goods & Environmental Industries at Pen Underwriting, said; “It’s great to be extending our UK property and casualty capacity partnership with QBE into the Irish market, where our appetites to grow and expand in this specialist sector are well aligned.
“The ability to widen our underwriting footprint within our core trade areas to mirror our UK offering is also excellent news for our broker partners and we look forward to working together to help even more clients manage and mitigate their risks.”
QBE already provides Pen with capacity for property and casualty risks in this specialist sector in the UK – covering firms involved in fuels, lubricants, chemicals, environmental consultancy, hazardous and liquid waste and haulage, and tank and boiler installation.
Mark Baker, Casualty Underwriting Manager at QBE, said the new agreement with Pen represents “a great opportunity to grow together. It’s also a natural extension to our strategic partnership in the UK.”
Pen said the deal complements a similar strategic partnership with Zurich, which provides capacity for Pen’s motor fleet solution in both the UK and Republic of Ireland for the hazardous goods and environmental sector.
Pen, one of the largest specialist insurers in the UK, has been providing niche insurance solutions to the fuel, chemical and environmental industries for more than 30 years.
