Pen Underwriting appoints new chief exec

Tom Downey is the new chief executive of Gallagher-owned Pen Underwriting, having first joined the business as managing director of specialty in 2014.

Downey, who has held the role of chief underwriting officer since 2017, replaces outgoing chief executive Jonathan Turner who is becoming the chief executive of Gallagher’s UK-based specialty business.

Downey said: “From my very first day six years ago, I’ve been passionate about Pen as a specialist underwriting business and am incredibly proud of the virtual insurer we have shaped and built as a team. Pen now brings together all the robust capabilities of an insurance company with the entrepreneurial mind-set and flexibility of an MGA that continues to deliver for our customers and capacity providers alike.

“It’s both exciting and an honour to be taking over the [chief executive] baton from Jon,who has been an inspirational leader for the business. It’s been a pleasure and a privilege to work with him.”

Turner said: “Five years ago, Pen Underwriting was essentially a disparate group of 12 specialist underwriting businesses and Tom has been integral to their effective integration and our transformational change.

“There’s no pair of hands more skilled and secure to which to pass Pen’s leadership reins.”

The restructure at Pen Underwriting will also see Jennifer Martin succeed Downey as chief underwriting officer, while Adrian Scott, the MGA’s current head of cyber liability, will replace Martin as managing director of international and financial lines.

Downey said these promotions were testament to the talent the MGA already has within the business.

“I’m delighted to promote Jen and Adrian to their new roles,” he said. “Being able to appoint members of our existing team into such pivotal positions is testament to our talent within Pen and our commitment to developing that talent, and I know both will excel with their new responsibilities.”