Pen Underwriting is expanding its multi-line strategic partnership with QBE through a new £420 mn ($518.9 mn) capacity agreement, extending its long-term collaboration with QBE’s U.K. and Ireland operations.
Pen Underwriting is a specialist managing general agent (MGA) that provides a broad range of insurance solutions across multiple lines. Operating in the U.K. and internationally, it works with insurers to offer underwriting expertise in niche and complex risk areas. The company focuses on sectors such as public sector insurance, hazardous goods, environmental risks, construction, financial lines, and property/casualty.
This follows the multiyear renewal of two major capacity agreements in specialist areas, according to a statement from Pen.
The renewals focus on public authority risks and those tied to hazardous goods and environmental industries, extending Pen and QBE’s continuous capacity partnership beyond 25 years.
Under the combined agreements, QBE will provide capacity for over £400 mn in written premium, Pen stated.
One of the new agreements, a three-year deal, supports Pen’s public sector business, RMP, in the U.K. QBE will provide capacity for property/casualty, financial lines, and motor fleet risks, including police authorities. This builds on a partnership that has lasted more than 15 years.
The other agreement, a five-year deal, enables QBE to support Pen in hazardous, environmental, and bulk liquid industries for P&C risks and excess of loss coverage in the U.K. and Ireland. This extends a strategic collaboration that began in 2001.
With this latest agreement, Pen’s partnership with QBE surpasses 25 years in a specialized and evolving market, said Adam Shefras, managing director of hazardous goods and environmental industries at Pen Underwriting.
Due to the nature of our clients we have to be prepared to deal with catastrophic losses, and our insurer partners place their trust in us to work closely with clients and industry bodies to maximize the risk mitigation measures that enable us to manage this risk and grow together sustainably.
Adam Shefras, managing director at Pen Underwriting
He noted that managing catastrophic losses is essential for their clients, and insurer partners trust them to work closely with clients and industry bodies to enhance risk mitigation while ensuring sustainable growth.
As an MGA, Pen Underwriting does not carry risk itself but acts as an intermediary between insurers and brokers, using delegated authority to underwrite policies on behalf of insurers. It partners with leading carriers to provide long-term capacity and tailored coverage for industries requiring specialized expertise.
Pen has established a strong reputation for its technical underwriting capabilities and ability to structure complex insurance programs. It also emphasizes risk management and mitigation strategies to help clients reduce exposure and improve resilience. Over the years, it has built long-term partnerships with insurers, leveraging these relationships to provide consistent capacity for its markets.