Pen Underwriting inks multiyear capacity deal extensions with QBE

Pen Underwriting has agreed two long-term capacity deals with insurer QBE.

The arrangements, which will see QBE provide total capacity of nearly £300m in premium over the next three years, cover public authority and higher education risks, as well as hazardous goods, environmental industries and tanker transportation.

The capacity will support Pen Underwriting’s UK RMP business, which includes property and casualty, financial lines and motor fleet, as well as back the MGA’s property and casualty proposition for the hazardous goods and environmental sector.

Matthew Lacy, QBE Europe’s executive director for the UK, said: “We are delighted that, in an ever-changing world, we can celebrate the 20-year milestone of working together with Pen and are pleased to renew these two long-term capacity partnerships.

“Together, they demonstrate our mutual commitment to supporting both public authority and higher education sectors, as well as the UK’s hazardous and environmental industries. This allows us to continue to provide excellence and value for our customers in these specialist areas.

“Our partnership is built on the solid foundations of collaboration and transparency, to bring all stakeholders continuity and stability. We look forward to evolving these facilities further to the benefit of our customers.”

Taking the pain away

Pen’s RMP business works with brokers and brokers’ clients across local government, police, fire and education to develop and deliver risk management and insurance programmes across multiple classes, with the overarching aim of bringing down the total cost of risk.

Nick Colyer, RMP’s chief executive, said: “The importance and benefit of long-term capacity partnerships in the public sector and education arena shouldn’t be underestimated.

“Our role is to use our decades of data and specialist market expertise to take the pain away for QBE and ensure our portfolio continues to perform strongly and profitably in the face of significant and evolving exposures, unique risks and complex procurement.”

Meanwhile, Pen’s products for the hazardous, environmental and bulk liquid industries include risk management expertise, direct access to experienced technical underwriters, crisis management with media and legal response, as well as loss mitigation services - including 24/7 emergency spill response.

Adam Shefras, Pen Underwriting’s managing director of hazardous goods and environmental industries, added: “After 20 years of continuous partnership with QBE, it’s great to extend our support of clients operating within this highly specialist market.

“We will continue to use our extensive experience and close working relationship with industry bodies to create risk transfer sustainability across a sector that has to remain ready to manage catastrophic losses.”