Pen Underwriting takes box at Lloyd’s to do more face-to-face trading with brokers

Pen Underwriting has taken a box at Lloyd’s of London as it looks to make more of its underwriters available to brokers for face-to-face trading.

A statement released yesterday (22 November 2023) said the managing general agent (MGA) will be based in box 393, which is located on gallery three of the trading floor.

It will be manned by Pen’s team of specialist marine underwriters, who will provide brokers with support in placing complex risks in the sector.

This includes brown water hull, war risk and ports and terminals liability.

Chris Goddard, comanaging director of marine, said that box 393 enabled underwriters “to come together in one place for brokers and to be on hand to discuss and place complex risks”.

”We are proud to take our place on the trading floor of Lloyd’s,” he added.

”As a team of specialist underwriters, dedicated to offering international insurance protection in a particularly traditional market like marine, our desire to simplify the way business is transacted has driven us since launch.

“While that simplification often means investment in innovative technology, it also means making sure in-person trading is readily accessible when needed.”

Expansion

Pen’s move into the box comes two months after Lloyd’s reopened its underwriting room, which had closed due to refurbishment works.

While the underwriting room has had digital enhancements made to it, Lloyd’s chairman Bruce Carnegie-Brown stressed that it would not replace face-to-face contact.

Pen said that it had plans to increase its range of underwriters available for face-to-face trading in the box by introducing complementary products and other lines of business that have Lloyd’s distribution.

Adrian Scott, international managing director, said: “As a globally important insurance hub, we see Lloyd’s as a valuable distribution channel in Pen’s future, not only for marine risks, but other specialist lines of business.

”Maintaining and indeed continuing to develop the ability to trade with brokers face-to-face will cement those relationships further and fully complements our digital solution offerings, which provide real- time self-serve quote and bind platforms.

”Having these multiple styles of distribution provides our broker partners with the choice of how they wish to engage with Pen.”