MGA secures new long-term capacity deal

Managing general agent (MGA) Pen Underwriting has announced a new long-term capacity deal with (re)insurer SiriusPoint.

The multi-year agreement will see SiriusPoint provide 100% of the capacity needed for Pen’s specialist social housing practice, which is currently worth more than £150m.

Simon Perry, managing director of real estate and head of social housing at Pen, said its new partnership with SiriusPoint “represents an exciting evolution for our social housing business”.

“Joining forces with a like-minded organisation, known to be a committed capacity provider for MGAs, will enable us to channel more than 20 years of underwriting knowledge and insight into further enhancements for the benefit of our housing association clients,” he added.

“Social housing is an integral part of Pen’s large, growing public sector business and we are proud to help the UK’s housing associations manage and mitigate their cost of risk by delivering strong capacity to the sector for clients seeking tailored insurance solutions in a highly specialised area.”

Proposition

Pen’s proposition covers the not-for-profit housing association sector, which owns, rents and manages residential accommodation and commercial properties.

Insurance is provided for buildings, incidental contents, property owners’ liability and terrorism.

Seb Simmonds, managing director of public sector at Pen, said SiriusPoint “recognise the value of our proposition”.

“SiriusPoint can see what our social housing team’s extensive experience means for both our housing association clients and writing a sustainable, successful book,” he continued.

“It is fantastic to have them on board.”

Rob Gibbs, chief executive of international at SirusPoint, added that partnering with the MGA “will further strengthen our portfolio while reinforcing our commitment to the MGA sector”.

“Pen is a new partner for SiriusPoint, although we have long admired and tracked its progress to a high calibre business with underwriting and distribution at its heart,” he said.

“We are looking forward to partnering with the team at Pen as it continues to execute its clear growth strategy and develop its proposition within the social housing market.”