Pen Underwriting has secured an enhanced multi-year capacity deal that will enable it to write 20% more premium for solicitors’ professional indemnity (PI) on an annual basis.
With this new deal pen will be able to will take its capacity up to more than £100m over three years which will then be backed by A-rated security.
Pen will use this new capacity to offer primary solicitors professional indemnity cover for up to £3m across the full spectrum of its diverse underwriting footprint. This will provide protection to everyone, from sole practitioners to firms that have 20 or more partners.
This cover will be available for the forthcoming 2020 renewals.
Paul Crilly, Head of Solicitors’ PI at Pen Underwriting, said: “With a number of insurers and MGAs choosing to exit the solicitors’ PI market over the course of the last year, we know
how much brokers value our long-term commitment to providing protection to UK law firms, as well as our focus on great service and the ability to quote for a wide range of activities.”
He continued: “Backed as we are by A-rated security and capacity partners that value the expertise, high quality data, actuarial analysis and broad distribution we bring them, we will continue to expand our business in a sustainable way to offer UK brokers the right mix and level of protection sought by their solicitor firm clients.”
Tom Downey, CEO of Pen Underwriting, also commented on the new deal: “To not only secure but increase capacity in a specialist class like solicitors’ PI, especially given the current backdrop of tightening capacity generally, is a huge endorsement of our team’s quality and technical capabilities. This is another great example of how Pen’s ability to deliver the loss ratios targeted by our capacity providers is resulting in the reassurance of long-term cover provision in challenging markets for our brokers and their customers.”
This announcement has come just two weeks after Pen had extended its strategic partnership with specialist insurer CNA Hardy.
