Pen Underwriting has formed a new strategic partnership with specialist insurer Markel International to further consolidate Pen’s presence in the UK equestrian market and drive the company’s 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, said Pen Underwriting in a statement.
The agreement will see Markel provide expertise and capacity for up to £25 million ($31.4 million) 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 May 1, 2017.
“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,” said Seb Simmonds, commercial director of Pen Underwriting Delegated Solutions.
“The equestrian market presents unique risks and challenges due to the diversity of activities undertaken in the different disciplines,” he added.
“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,” Simmonds said. “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.” (Pen Underwriting is the London-based underwriting subsidiary of the broker Arthur J. Gallagher.)
About Pen Underwriting
Pen Underwriting is a multi-class, multi-territory managing general agent (MGA) that operates as a virtual insurer, which means it can fulfill 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.
Source: Pen Underwriting
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