Manchester retires from MGA – and hints at next career move

Charles Manchester has revealed that he is retiring from Pen Underwriting and Manchester Underwriting Management (Mum).

Manchester, who has over 35 years’ insurance experience, founded Mum in 2010 after taking a sabbatical in 2009 and took on the role of chief executive.

The firm was purchased by Pen in 2021, with it having generated over £60m in gross written premium (GWP) across its key business lines at the time of the sale.

At the end of July 2023, Pen announced that it would create a standalone UK financial lines and specialist liability division, with the move seeing Manchester become chair of the unit.

Speaking to Insurance Times about his decision to retire from the two businesses, Manchester said he felt it was time for them to move on now that Mum was fully integrated into Pen.

“It needs to [move on] once you’ve sold it and the new owners need to do what they need to do with it,” he said.

“I have bedded it in at Pen and now it’s time to move on.”

Next steps

However, Manchester stressed that he does not want to give up work completely.

“I expect to cut down the amount of work that I do, but I don’t expect to stop working,” he said.

In turn, Manchester said that he would not be starting a new business due to the long hours it would require.

“I won’t be starting another business because I don’t want to find myself doing 60 hour weeks in my 70s,” he said.

“It isn’t for another decade, but when you start a business it is full on and you never know how long the journey is going to be.

“I’m hoping that somebody might find my experience useful.”