Pen Underwriting today announces a new strategic partnership with specialist insurer Markel International to further consolidate Pen’s presence in the equestrian market and drive product innovation in the sector.
Markel is an established and leading name in equine insurance and has provided coverage for horse and horse related risks for over 50 years.
The agreement will see Markel provide expertise and capacity for up to £25m in premiums over the next three years for Pen’s products, which are tailored to meet the needs of the different segments of the equestrian market and distributed through its specialist partner delegated authority arrangements.
The new partnership takes effect 1 May 2017.
Seb Simmonds, commercial director of Pen Underwriting Delegated Solutions, said: “We’re delighted to be partnering with Markel, whose reputation and experience in the equine arena is second to none, and with a track record in pioneering policy enhancements and endorsements.
“The equestrian market presents unique risks and challenges due to the diversity of activities undertaken in the different disciplines. This demands a tailored response and our underwriters have deep knowledge of everything from eventing and happy hackers, to trade associations and local riding clubs. So, by joining forces with Markel and leveraging our collective expertise, we aim to introduce an increasingly innovative offering to our coverholders – all of whom are equestrian specialists in their own right — for the benefit of our end customers with their diverse and changing needs.”
Juliet Redfern, managing director of equine and livestock at Markel, said: “We’re excited to be entering a new strategic partnership with Pen Underwriting, building on Markel’s long-term trading relationship with the wider Gallagher group, which will provide a great complement to our existing equine footprint in the UK and globally, and underlines our long-term mutual commitment to the equestrian market.”
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Notes to Editors:-
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 three divisions — Commercial, Specialty and Volume — 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 18 locations, more than 350 insurance professionals and generating more than £500m GWP, Pen Underwriting represents one of the largest underwriting agencies in the UK.
For more information see www.penunderwriting.co.uk
Markel International Limited is a subsidiary of Markel Corporation, a US-based holding company trading on the New York Stock Exchange (MKL). Markel International writes insurance and reinsurance business through four divisions and through offices across the UK, Europe, Canada, Latin America and Asia Pacific. Markel International’s insuring entities include Syndicate 3000, Markel Resseguradora do Brasil S.A. and Markel International Insurance Company Limited. Markel International also manages the business of Abbey Protection Group which provides legal and professional fees insurance cover as well as legal, tax and human resources consultancy services.
For more information please visit us at www.markelinternational.com