Pen Underwriting deepens multi-class strategic partnership with QBE in new £420m capacity deal
Published On : 22 Jan 2025
Pen Underwriting today announces the extension of its long-term strategic collaboration with QBE in the UK and Ireland, following the multi-year renewal of two major capacity deals in highly specialist areas.
The renewed agreements focus on the niche areas of public authority risks, as well as risks pertaining to the hazardous goods and environmental industries, and will take the strategic relationship beyond 25 years in terms of continuous capacity provision. Combined, the agreements will see QBE provide capacity for over £400 million in premium to be written over their term.
The first area of core specialism underpinned by a new three-year agreement is Pen’s public sector business RMP in the UK, with QBE supporting across property & casualty, financial lines and motor fleet risks including police authorities. This builds on a long-term relationship extending beyond 15 years of continuous partnership.
QBE’s capacity will also support Pen’s specialism that caters for the hazardous, environmental and bulk liquid industries – specifically supporting property & casualty risks, plus excess-of-loss in the UK and Republic of Ireland. Building on a strategic partnership that began back in 2001, the new five-year deal with take this relationship well beyond the quarter of a century mark of continuous capacity provision.
Both deals underline Pen’s commitment to serving and supporting businesses and organisations across these specialist sectors, in a sustainable, long-term way.
As a top three insurance provider to the local authority market, RMP works with brokers and their clients across local government, police, fire and education to develop and deliver risk management and insurance programmes across multiple classes with the overriding aim of helping bring down their total cost of risk.
Products for the hazardous, environmental and bulk liquid industries are tailored to specialist segments. Risk management expertise, direct access to experienced technical underwriters, crisis management with media and legal response as well as loss mitigation services, including 24/7 emergency environmental response, combine with insurance protection to offer brokers and their clients holistic, sustainable propositions.
