Pen Underwriting has entered into two new long-term UK capacity deals with insurer QBE, focusing on the areas of public authority and higher education risks, as well as hazardous goods, environmental industries, and tanker transportation.
Together, both of the agreements will see QBE provide capacity for nearly £300 million in premium over the next three years for Pen’s RMP business in the UK (property & casualty, financial lines and motor fleet), as well as Pen’s property & casualty proposition for the hazardous goods and environmental sector.
The renewed agreements expand on strategic partnerships of consistent capacity provision that back 10 and 20 years respectively.
The new transactions underline Pen’s commitment to serving and supporting businesses and organisations across both specialist areas.
Pen’s RMP works with brokers and their clients across local governments, police, fire and education to develop and deliver risk management and insurance programmes across numerous classes with the overriding aim of helping bring down their total cost of risk.
Pen explains that products for the hazardous, environmental and bulk liquid industries are tailored to specialist segments.
Nick Colyer, CEO of RMP, said: “The importance and benefit of long-term capacity partnerships in the public sector and education arena shouldn’t be underestimated.
“Our role is to use our decades of data and specialist market expertise to take the pain away for QBE and ensure our portfolio continues to perform strongly and profitably in the face of significant and evolving exposures, unique risks and complex procurement.”
Adam Shefras, Managing Director of Hazardous Goods & Environmental Industries at Pen Underwriting, added: “After 20 years of continuous partnership with QBE it’s great to extend our support of clients operating within this highly specialist market.
“We will continue to use our extensive experience and close working relationship with industry bodies to create risk transfer sustainability across a sector that has to remain ready to manage catastrophic losses.”
Matthew Lacy, Executive Director – UK at QBE Europe, said: “We are delighted that, in an ever-changing world, we can celebrate the 20-year milestone of working together with Pen and are pleased to renew these two long-term capacity partnerships.
“Together they demonstrate our mutual commitment to supporting both public authority and higher education sectors as well as the UK’s hazardous and environmental industries. This allows us to continue to provide excellence and value for our customers in these specialist areas.
“Pen’s years of experience, specialist sector expertise and continued drive for portfolio improvement are what make insuring even these challenging areas of risk possible.
“Our partnership is built on the solid foundations of collaboration and transparency, to bring all stakeholders much valued continuity and stability, and we look forward to evolving these facilities further to the benefit of our customers.”