Pen Underwriting extends 30 year partnership with Zurich in new specialist fleet capacity deal

This builds on a strategic partnership of consistent capacity provision that dates back more than 30 years.

The agreement will see Zurich provide capacity for in excess of £165m in premium over the next five years for Pen’s Hazardous Goods and Environmental Industries’ motor fleet proposition. Pen’s products in this area are tailored to the specific needs of different segments of the high hazard transportation and distribution sector, such as companies working in fuels & oil, chemicals, lubricants, LPG, liquid waste and industrial cleaning as well as non-hazardous tanker operators.

The new deal underlines Pen’s commitment to serving and supporting businesses in the hazardous, environmental and bulk liquid industries, where risk management expertise and loss mitigation services combine with insurance protection to offer brokers and their clients market-leading propositions, direct access to experienced technical underwriters and embedded extras, including 24/7 emergency spill response.

Adam Shefras, Managing Director of Hazardous Goods & Environmental Industries at Pen Underwriting, said, “We are absolutely delighted to secure the continued long-term commitment from Zurich in support of our UK fleet insurance solution in this highly specialist market. Set against the current backdrop of market challenges, the strength and longevity of our partnership with Zurich, our decades of experience and close relationship with industry bodies enable us to provide brokers and their clients with much-needed consistency, appropriate protection and long-term sustainability across a sector that has to be able to manage catastrophic losses.”

Kevin Morton, Strategy Manager from Zurich, added, “Our long-term collaboration with Pen Underwriting and mutual commitment to keeping the UK’s hazardous and environmental industries moving is one we are very pleased to renew and build upon. Pen’s sector expertise, underwriting discipline, claims service, provision of timely and accurate data and constant drive for improvement in all aspects of the portfolio continue to make this an important and attractive distribution opportunity for Zurich and an extremely valued partnership.”

Pen Underwriting

Pen Underwriting is a multi-class, multi-territory managing general agent (MGA) that operates as a virtual insurer, meaning it can fulfil all the typical functions of an insurance company — from sales, distribution, pricing and product innovation through to claims, analytics and governance — except carry risk.

Pen Underwriting has five divisions — International & Financial Lines, Specialty Lines, Public Sector, Delegated Solutions and eSME — offering a wide and growing range of specialisms from e-Solutions and delegated authorities for volume business through to specialty products with individual underwriting for hard-to-find placements. With a national branch presence across 12 locations, more than 350 insurance professionals and generating more than £600m GWP, Pen Underwriting is one of the largest underwriting agencies in the UK.

For more information see www.penunderwriting.co.uk

Zurich in the UK

Zurich UK provides a suite of general insurance and life insurance products to retail and corporate customers. We supply personal, commercial and local authority insurance through a number of distribution channels, and offer a range of protection, retirement and savings policies available online and through financial intermediaries for the retail market and via employee benefit consultants for the corporate market. Based in a number of locations across the UK - with large sites in Birmingham, Farnborough, Glasgow, London, Swindon and Whiteley - Zurich employs approximately 4,500 people in the UK.