Pen Underwriting, a multi-territory managing general agent (MGA), has promoted Tom Downey to Chief Underwriting Officer (CUO), with effect from 1 October 2017.
Downey, who has been on Pen Underwriting’s executive team as Managing Director of Specialty since 2014, will now assume responsibility for underwriting, capacity management, pricing, analytics, risk & governance, claims and marketing across all of Pen’s trading divisions.
Prior to his promotion, he led the MGA’s most diverse division to develop and deliver specialist underwriting solutions for UK, U.S. and internationally-based business.
Jonathan Turner, Chief Executive Officer (CEO) at Pen Underwriting, commented; “Over the past three years, Tom has done a phenomenal job of shaping, leading and growing Pen’s largest and most diverse division.
“His unwavering focus on driving profitable growth, thinking strategically, achieving insurer loss ratios, and so strengthening our carrier relationships whilst embedding good governance, make him the ideal Chief Underwriting Officer as Pen embarks on its next phase of development.
“I’m also delighted that Tom’s move to his new role enables us to promote internally from the fantastic pool of talented individuals we have within Pen. I know that Jen and Steve will build on the great work undertaken by Tom in positioning Pen as the go-to specialty underwriting business.”
Tom’s promotion sees two other members of Pen’s leadership team take on executive-level responsibility for distinct areas of the former Specialty division.
As of 1 October 2017, Jennifer Martin, Managing Director of Financial Lines, will join the Pen Executive with Financial Lines becoming its own trading division and incorporating Pen’s professional indemnity accounts, directors’ & officers’, personal accident & travel, recruitment agency business and growing cyber liability portfolio.
Steve Thornett, Development Director, will become Managing Director of Specialty Lines incorporating motor fleet, construction, Pen’s schemes business, the high hazard portfolio and the global specialties account while continuing with some of his central innovation and development activities.
Downey, said; “This is a really exciting time to be taking on a new role at Pen.
“Now that we’ve consolidated all our underwriting businesses and built a genuine virtual insurer able to offer technical pricing, analytics, governance and claims handling capabilities in addition to all the underwriting skills of a standard MGA, we can deliver so much more for our capacity partners, coverholders, brokers and clients.”
Downey joined Pen after a successful 25-year career with RSA where he was responsible for shaping the strategy of and managing its UK MGAs and delegated schemes.
