Pen Underwriting and Aviva extend and expand strategic partnership

MGA Pen Underwriting yesterday (5 October 2022) announced a new multi-year strategic partnership with Aviva.

The terms of the deal mean that, from 1 April 2023, Aviva will provide 100% capacity across the business lines within Pen’s personal lines division from for risks placed with Pen via both cover holders and brokers.

The agreement will use Pen’s virtual insurer capabilities in underwriting and distribution but also insight and pricing, risk and governance and claims handling.

Jennifer Martin, chief underwriting officer for Pen Underwriting, said: “This is an absolutely fantastic deal for all stakeholders, combining the power of the Aviva brand with that of Pen and bringing together two parties with a shared vision of ambitious, sustainable growth.

“To have secured long-term capacity for our personal lines and property owners’ business so many months ahead of inception is a huge endorsement of the quality we have built within Pen and our professional approach to capacity management.

“It speaks volumes about the strength of our portfolio, our careful selection of partners and our great underwriting discipline, backed up by our dedicated insight and pricing team that constantly monitors and responds to portfolio performance.

”Together with Aviva, we have created long-term certainty for brokers, cover holders and their customers alike.”

Great strategic fit

This deal builds on Aviva’s existing partnership with Pen, by which it currently provides reinsurance capacity for its personal lines business.

Meanwhile, Pen will benefit from Aviva’s position as major general insurer in the UK and extensive customer and broker insight across its business.

Aviva has outlined its plans to grow the personal lines business by targeting profitable segments of the market and this announcement is part of that strategy.

Jon Santer, managing director for personal lines broker at Aviva, said: “We’re delighted to enter into a strategic partnership with Pen Underwriting which brings together Aviva’s position as a leading insurer with Pen’s specialist expertise.

”This deal builds on our strategy to target and invest in profitable segments of the personal lines insurance market and grow our business by choosing specialist provides to partner with.

“As an existing partner, Pen is a great strategic fit for Aviva and this deal will enable us to extend our reach into other property risks and offer insurance products to a broader range of customers. We look forward to working with them over the next few years.”