Pen expands SiriusPoint partnership with international PI launch

London-based MGA Pen Underwriting has secured new capacity from global re/insurer SiriusPoint to support its move into international professional indemnity risks.

SiriusPoint’s London market team will provide 100% capacity for Pen’s international PI portfolio, covering a range of professions and territories outside the UK and Ireland.

The expanded deal deepens Pen and SiriusPoint’s strategic partnership, now spanning multiple underwriting lines. It follows SiriusPoint’s April 2024 appointment as long-term capacity provider for Pen’s social housing practice, serving not-for-profit housing associations.

Tom Downey, CEO of Pen Underwriting, said: “We are delighted to be expanding our relationship with SiriusPoint into new sectors of specialist risk. International PI is an area of mutual appetite and well-positioned for growth, with our team known for a consistent underwriting approach, keenness to trade and ability to create bespoke solutions while keeping sustainability and service at the fore.

“As a strategic partner, SiriusPoint understands the importance of taking a long-term approach but is also quick to recognise the value of propositions and quality opportunities. Their commitment to the MGA sector and focus on shared success, makes them a great fit for international PI, where we look forward to growing our capabilities and reach yet further.”

Rob Gibbs, president & CEO of SiriusPoint International, said: “We’re proud to extend our strategic partnership with Pen Underwriting, building on our support across Pen’s portfolio, which now spans social housing, marine, and professional indemnity. The partnership also extends our collaboration across the globe, as we leverage our valuable Lloyd’s platform. Our expansion with Pen is a strong example of how we’re realising our strategy to deepen existing relationships to deliver even greater value with our MGA partners. We look forward to continued collaboration with Pen into the future.”

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