Pen Underwriting, the London-based managing general agent and Gallagher subsidiary, announced changes to its divisional structure to bring together core underwriting capabilities and expertise, for the benefit of its brokers.
As of Aug. 1, Pen is separating its International & Financial Lines (IFL) division, creating a standalone UK Financial Lines & Specialist Liability division. This is led by Richard Webb who becomes managing director of the new division and joins the Pen Executive Committee.
The recently expanded, newly dedicated International division – having made two acquisitions in the last three months – will continue to be led by Adrian Scott as managing director.
The structural changes follow the expansion of the IFL division, with Pen having invested in significantly increasing the proportion and range of risks it writes emanating from outside the UK.
In addition, the restructuring brings together the full breadth of its UK financial lines expertise from both Pen and the 2021-acquired Manchester Underwriting Management (MUM).
Founder of MUM and current CEO Charles Manchester will become chair of the new UK Financial Lines & Specialist Liability division, providing ongoing strategic counsel and support to the teams and business, as they continue to execute on their growth strategy.
Richard Webb is currently the director of MUM responsible for broker development, marketing and claims, and joined Pen in October 2021 when MUM was acquired. He brings 37 years’ insurance industry experience to his new role, having held senior positions at HCC International and Hiscox, prior to joining MUM in 2010.
“The creation of our standalone divisions focused on International business and UK Financial Lines & Specialist Liability is testament to our investment, diversification and growth in these two areas over recent years,” commented Tom Downey, CEO of Pen Underwriting.
“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,” Downey added.
“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,” he said.
“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. I know his extensive experience, knowledge and strategic advice will continue to prove invaluable to the new UK Financial Lines & Specialist Liability division and the wider Pen business.”
About Pen Underwriting
Pen Underwriting is a multi-class, multi-territory managing general agent (MGA) that operates as a virtual insurer, meaning it can fulfill all the typical functions of an insurance company — from underwriting, sales & distribution, pricing & analytics, product innovation, risk & governance through to claims handling — other than the provision of insurance capital.
Pen Underwriting has five divisions — International, UK Financial Lines & Specialist Liability, Public Sector, SME & Personal Lines and Specialty Lines — offering a range of specialisms from e-solutions and delegated authorities for volume business through to specialty products with individual underwriting for hard-to-find placements.
In April 2023, Pen acquired Tay River Holdings Ltd. and its five specialist marine MGAs – Vessel Protect, Trafalgar Marine Trades, BMM Ports & Terminals, Freeboard Maritime and Fortify Marine – adding more than £90 million of gross written premiums (GWP) to the overall Pen Family; before acquiring specialist Norwegian MGA Fender Marine in July 2023, adding another £14 million of GWP.
Together, the businesses now generate more than £810 million of GWP with a combined team of over 460 insurance professionals.
Source: Pen Underwriting
Topics Underwriting Insurance Wholesale
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