Pen Underwriting has responded to the evolving risk environment facing UK recruitment agencies with a full-scale overhaul and relaunch of its recruitment proposition.
Backed by Chubb’s AA-rated security in a five-year exclusive UK capacity deal, Pen Recruitment has moved from a modular format to a master commercial combined package, hosted on a new software platform to quicken quote turnaround while delegation of claims authority will speed up resolution and settlement for customers.
Tom Downey, Managing Director of Speciality at Pen Underwriting, said: “Pen Recruitment embarked on a robust tender process to ensure our new capacity arrangement would enable us to deliver the best possible combination of service, product and claims management.
“We’re excited to once again partner with Chubb with whom our recruitment relationship dates back to 2001. The continuity this brings to our brokers and clients is complemented by the cover enhancements, improved rates for many segments and in-house claims authority they will also now benefit from.”
He continued: “The risk environment and exposures of recruitment agencies continue to fast evolve and expand, particularly those assuming ‘supervision, direction and control’ on a contractual basis — where our clear inclusion of vicarious liability on professional indemnity cover, for example, will be a much-valued protection.
“Similarly, while other recruitment markets are reducing their appetite in terms of the trades they’re willing to cover, we can and will underwrite risks ranging from secretarial to safety-critical rail personnel using the full power of a new proprietary rating structure to deliver improved customer rates. Everything we do at Pen Underwriting is focused on helping our broker partners win and retain business in a competitive market — and we’re confident Pen Recruitment will enable them to do exactly that.”
David Robinson, Executive Vice-President, Europe, and President, UK & Ireland at Chubb, added: “We’re delighted to continue our trusted partner relationship with Pen Underwriting and believe the new recruitment proposition offers a unique and market-leading product to brokers and their clients that will deliver sustainable, profitable growth for all parties. Pen’s combination of underwriting expertise, sector experience and in-house pricing, analysis and governance has enabled us to widen our underwriting appetite, delegate claims authority and agree exclusivity.”
Core new features include:
- Five-year exclusive capacity deal for UK-based business — brokers can only access Chubb capacity for recruitment agency package cover through Pen;
- Delegated claims authority to increase settlement process control;
- Improved rates for many segments, including agencies taking on managed service contracts “Accepting Supervision Direction & Control”;
- Vicarious liability included as standard on professional indemnity to protect the agency against claims of negligence emanating from the errors and omissions of placed personnel;
- Drivers negligence age criteria reduced from 23 to 21 years to help agencies plug the current driver shortage;
- Personal accident offering extended to include agency employees without referral;
- New proprietary rating structure developed following in-depth MI analysis to further improve competitiveness.
Key covers with relevant limits:
- Public and Product Liability up to £10m
- Employers’ Liability up to £25m
- Professional Indemnity up to £10m
- Cyber Cover standard £10k included in policy — higher limits available.
- Fidelity Bonding
- Drivers Negligence up to £10k
- PA for temps and/or the agency‘s own people up to £25k
- Legal Expenses up to £100k, provided by Cigna
- D&O up to £5m
- Office Buildings, with or without cover for Office Contents
- Office Contents with optional computer breakdown and data reinstatement
- Business Interruption
For further press information, please contact:
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Notes to Editors:-
In 2014, Pen Underwriting brought together some of the best known UK underwriters to create a new collective identity for its specialist underwriting businesses. The following year delegated authority specialist OIM Underwriting formally rebranded and joined forces with Pen Underwriting to create a single, cohesive underwriting agency. Evolution Underwriting Group became part of the wider Pen Underwriting family in February 2015 through acquisition.
Pen Underwriting has three divisions: Commercial, Specialty and Volume. With 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; a national branch presence across 18 locations; and more than 350 insurance professionals Pen Underwriting represents one of the largest underwriting agencies in the UK.
For more information see www.penunderwriting.co.uk