Pen Underwriting has extended its strategic relationship with QBE into the Republic of Ireland, with a new property & casualty capacity partnership in the highly specialist area of hazardous goods & environmental industries.
The new partnership takes effect on the 1 January 2018 offering brokers and their clients in Ireland access to enhanced cover and a wider trade underwriting footprint, supporting Pen’s appetite for strategic and sustainable growth in the sector and geography.
Building on a successful partnership that extends back more than 15 years, the new agreement sees QBE mirror its support of Pen in the UK where it already provides capacity for property & casualty risks in this specialist trade sector, covering companies involved in fuels, lubricants, chemicals, environmental consultancy, hazardous and liquid waste and haulage, and tank and boiler installation.
The deal also complements Pen’s strategic partnership with Zurich, which provides capacity for Pen’s motor fleet solution in both the UK and Republic of Ireland for the hazardous goods and environmental sector.
Led by a team of experienced underwriters and established sector specialists with extensive in-depth knowledge, Pen has been providing niche insurance solutions to the fuel, chemical and environmental industries for more than 30 years.
Key features of Pen’s Hazardous Goods & Environmental enhanced property & casualty wording, backed by QBE, include:
- 24/7 Emergency environmental spill response service – 365 days a year
- High limits of indemnity available for public liability
- Environmental statutory liability – for all sums including statutory debts relating to remediation costs arising from environmental damage, up to the limit of indemnity
- Stock cost fluctuation protection – to manage cost variations
- Increased cost of working – extended to cover damage to motor vehicles / tankers following loss at own premises
- Own site spillage clean-up costs – flexible limits available, covering cost of stock debris removal and clean-up on own land following sudden and unforeseen spillage
Adam Shefras, Managing Director of Hazardous Goods & Environmental Industries at Pen Underwriting, said: “It’s great to be extending our UK property and casualty capacity partnership with QBE into the Irish market, where our appetites to grow and expand in this specialist sector are well aligned. The ability to widen our underwriting footprint within our core trade areas to mirror our UK offering is also excellent news for our broker partners and we look forward to working together to help even more clients manage and mitigate their risks.”
Mark Baker, Casualty Underwriting Manager at QBE, said: “With our existing property and casualty footprint in Ireland, and Pen’s established team of specialist underwriters in the hazardous goods industry, this new agreement with Pen represents a great opportunity to grow together. It’s also a natural extension to our strategic partnership in the UK.”
For further press information, please contact:
Lynn Rouse, External Communications,
+44 (0) 20 3425 3416
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 four divisions — Commercial, Specialty, Financial Lines 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