Reinsurance News

Zurich backs Pen Underwriting in new motor capacity deal

29th September 2017 - Author: Staff Writer

Zurich has agreed to a new deal to provide capacity for up to £150 million in premium over the next five years for Pen Underwriting motor capacity in the specialist area of hazardous and tanker transportation.

Adam Shefras, Managing Director of Hazardous Goods & Environmental Industries at Pen Underwriting, said; “We’re delighted to have secured a long-term commitment from Zurich to continue supporting our specialist fleet insurance solutions for this highly specialist market.

“Our track record in writing profitable business with well-managed loss ratios in an industry where risk is, by definition, everywhere, has given us a sustainable underwriting footprint and is thanks to the knowledge and experience of our sector specialists — many of whom have been with us for 15 years or more.

“Our partnership with Zurich ensures we can continue offering brokers superior cover as standard, to meet the unique risks and challenges presented by the transportation of hazardous goods.”

The agreement will back hazardous goods and environmental motor fleet solution — formerly branded as OAMPS – with premium tailored to the specific needs of different segments of the sector, such as fuels, chemicals and liquid waste as well as non-hazardous tanker operators.

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Pen Underwriting said the deal underlines its commitment to serving the hazardous and environmental industries: key features of Pen’s motor solutions include legal liability for damage caused by spillage or crossover/wrongful delivery as a result of driver error or omission 24/7 Environmental Response Service — 365 days a year, environmental statutory liability up to £1 million,  and £10 million third-party property damage including hazardous goods.

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