The move will be ’for the benefit of brokers’, says MGA
London-based Pen Underwriting has announced that it will create standalone UK financial lines and specialist liability division.
In a statement released today (28 July 2023), the MGA said it was making changes to its divisional structure to bring together underwriting capabilities and expertise.
It said this would be done “for the benefit of its brokers, while orientating to execute its strategy of growth and diversification”.
As part of the move, Pen Underwriting will separate out its international and financial lines division to create the UK financial lines and specialist liability division.
The move will occur on 1 August 2023.
Tom Downey, chief executive of Pen Underwriting, said: “The creation of our standalone divisions focused on international business and UK financial lines and specialist liability is testament to our investment, diversification and growth in these two areas over recent years.
”Creating dedicated divisions with a streamlined and focused approach best positions us to continue that growth trajectory, by bringing together the best blend of expertise, experience and technical knowledge to expand the respective product areas in line with our ambitions.”
Appointments
As part of the move, Richard Webb will become managing director of the new UK division and join the MGA’s executive committee.
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Webb is currently the director of Manchester Underwriting Management (MUM) and is responsible for broker development, marketing and claims.
He joined Pen Underwriting in October 2021 when MUM was acquired by the MGA.
Downey said: “I’m delighted to welcome Richard onto the Pen executive committee and know his decades of industry experience and 13 years on MUM’s leadership team stand him in excellent stead to lead the full breadth of our financial lines and specialist liability propositions, driving and developing opportunities to further enhance our broker offering.”
Meanwhile, MUM chief executive Charles Manchester will become chair of the new UK financial lines and specialist liability division.
He will provide support to the teams and business as they continue to execute their growth strategy.
“I would also like to thank Charles for being such an exceptional leader of MUM, from first founding and then building such a successful business,” Downey added.
”I know his extensive experience, knowledge and strategic advice will continue to prove invaluable to the new UK financial lines and specialist liability division and the wider Pen business.”
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