Pen Underwriting, the multi-class multi-territory managing general agent, has struck a strategic partnership with hybrid insurer Bridgehaven Specialty UK Limited, in support of the UK solicitors’ professional indemnity (PI) market.
Commenting on the new collaboration, Tom Downey, CEO of Pen Underwriting, said that since Bridgehaven’s launch two years ago, his firm has been particularly impressed by the team’s ambition and their strong support for the sector.
“Their operating model and ethos of working with MGAs based on transparency and trust, their focus on collaborative risk-sharing and their long-term approach to partnership and performance, resonate with our own priorities,” Downey added.
The CEO continued, “With an increasingly important, burgeoning MGA marketplace in the UK and Pen a mature underwriting and distribution business, part of our challenge is how to manage the strong demand from a growing group of different parties keen to partner with us.
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“Alongside our valued long-term insurer partners, there is space to create new-style collaborations, including fronting insurers and reinsurers aligned to our approach, strategy and strengths, just as in this new partnership. We’re very much looking forward to working together.”
“As a specialist class, solicitors’ PI naturally lends itself to this new form of capacity partnership for Pen, with our 25-year track record of disciplined, sustainable underwriting and continuous support of UK law firms.
“Bridgehaven and our reinsurer partners can trust us to get on with what we do best, in terms of knowing our customers, the risks they present and delivering the excellent service brokers need, to produce positive results for all.”
Paul Jewell, CEO of Bridgehaven, noted, “We’re delighted to bring our hybrid insurance model with the transparent relationships it fosters, to Pen Underwriting and its specialist solicitors’ PI portfolio.
“Our focus is on enabling MGAs, insurers and reinsurers to collaborate more effectively, matching appetites and mutual interests.
“Our aspiration is to be the leading hybrid insurer supporting innovative, well-positioned MGAs and partner with them to grow highly profitable and therefore sustainable portfolios. We are excited to be in partnership with Pen as they continue their journey.”
In related news, earlier this year, Pen Underwriting expanded its partnership with global re/insurer SiriusPoint through a new capacity deal in support of international PI risks.
As per the terms of that agreement, SiriusPoint will have 100% capacity for Pen Underwriting’s international PI portfolio.
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