Pen Underwriting, a multi-class, multi-territory managing general agent (MGA), has secured a multi-million-pound capacity deal to underpin the strong growth and performance of its UK property owners practice.
According to the announcement, the multi-year deal will enable Pen to write £120 million in gross written premium over the next three years, effectively doubling the capacity provision previously agreed with Endurance Worldwide Insurance Limited (EWIL) in 2023.
The transaction builds on the success of an initial three-year partnership between Pen and EWIL, which initially focused on complex, individually transacted policies before extending its backing last year to include Pen’s digital propositions.
This deal is the result of Pen’s significant investment in its Property Owners proposition with a highly experienced team of professional underwriters supported by enhanced pricing and data-led decision-making, the firm noted.
Pen’s investment in its digital proposition has resulted in greater risk quotability, improved conversion rates, and increased year-on-year policy count growth, while maintaining underwriting discipline.
For insurance brokers, the scaled-up arrangement provides greater certainty, expanded capacity, and operational flexibility.
Pen’s property owners practice covers a diverse range of risks across commercial and residential, blocks of flats, standard and non-standard, occupied and unoccupied properties.
Caroline King, Head of Property Owners’ Insurance at Pen Underwriting, commented: “We are delighted to be building on our successful partnership with Endurance in this way. enabling even greater numbers of UK property owners to benefit from our flexible cover and experienced team while supporting shared ambitions for sustainable growth.
“Our commitment to delivering fast, effective solutions for brokers and their property owner clients in what is a dynamic market has seen us invest in enhanced data and analytics to ensure that increased quotability and conversion sit alongside our strict underwriting discipline.
“This has enabled more risks to go straight through the digital trading process due to reduced referral triggers, with a greater ability to make real-time pricing adjustments based on what the granular data is telling us. At the same time, increasing our underwriter resource has seen higher conversion when risks are referred, ensuring retention rates remain strong and that we win more often on new business too.
King concluded: “Pen’s ability to cover a diverse range of property owner risks – commercial and residential, standard and non-standard, occupied and unoccupied – stems from that continued focus on expert underwriting underpinned by risk and data analytics. We pride ourselves on maintaining a flexible approach so that brokers can trade with us in the way that suits them, whether in a digital environment or direct with an underwriter.”
