- Pen Underwriting has acquired Ireland-based Ornella Underwriting, a transaction expected to double the MGA’s Irish operations in both size and gross written premiums.
- Ornella brings approximately €70 mn in gross written premiums and expands Pen’s commercial motor portfolio across haulage, transportation, fleet and specialty insurance.
- The acquisition strengthens Pen’s product offering in private motor, home and commercial combined insurance, while adding specialist coverage for taxis, care homes and equine risks.
Managing general agent Pen Underwriting has acquired Wexford-based Ornella Underwriting, a transaction expected to double its Irish business in both operational size and gross written premiums while expanding its commercial and specialty insurance portfolio.
Ornella brings approximately €70 mn in gross written premiums to Pen’s Ireland operations. The acquisition adds complementary commercial motor products to Pen’s existing non-standard specialties, including haulage, transportation and fleet insurance.
Pen said the transaction will also broaden its capabilities across private motor, home and commercial combined insurance while introducing additional commercial specialty lines.
Michael Doyle, chief executive officer of Pen Underwriting’s Ireland business, said the expanded portfolio would allow the company to “offer brokers an end-to-end insurance offering on ‘all things wheels’, making us the go-to market for motor risks, whether you’re looking at a hatchback, haulage or horsebox, a tanker or a truck.”
Ornella provides insurance solutions across a range of trades, with specialist commercial products covering taxis, care homes and equine risks. These capabilities will complement Pen’s existing underwriting operations and extend the range of risks available to its broker distribution network.
The acquired business is led by Chief Executive Officer Paul Whelan, alongside Jack Fennell, Director of Trading, Paul Donovan, Chief Operations Officer and Finance Director, and Brian Hughes, Director of Underwriting.
The transaction substantially increases Pen’s presence in the Irish insurance market, combining Ornella’s commercial motor and specialist underwriting portfolio with Pen’s established non-standard insurance products.
Headquartered in London, Pen Underwriting (Pen) is a multi-class, multi territory Managing General Agent (MGA).
Structured and operated as a virtual insurer, Pen sits between a risk carrier and a policyholder to perform the same functions an insurance company would – from sales and distribution, pricing and product innovation; through to claims and all associated back office such as actuarial, risk and governance and compliance.
Pen underwrites a diversified portfolio – by class, territory and distribution channel – that now exceeds £900m Gross Written Premium (GWP), making it one of the largest MGAs in the UK.
