Pen Underwriting, the UK managing general agent, has announced a new long-term capacity deal with Zurich in the specialist area of hazardous and tanker transportation, building on a successful partnership that extends back more than 30 years.
The agreement will see Zurich provide capacity for up to £150 million (US$196 million) in premiums over the next five years for Pen’s hazardous goods and environmental motor fleet solution – formerly branded as OAMPS – which is tailored to the specific needs of different segments of the UK’s high hazard transportation and distribution sector, such as fuels, chemicals and liquid waste as well as non-hazardous tanker operators.
The new deal underlines Pen’s commitment to serving and supporting the hazardous and environmental industries by providing brokers and their clients with continued direct access to experienced technical underwriters, market-leading propositions and embedded extras such as 24/7 emergency spill response service.
Key features of Pen’s hazardous industries motor fleet solution include:
- Legal liability for damage caused by spillage or crossover/wrongful delivery as a result of driver error or omission
- 24/7 Environmental Response Service – 365 days a year
- Environmental statutory liability up to £1 million ($1.3 million)
- £10 million ($13.1 million) in third party property damage including hazardous goods
- New replacement vehicle cover for vehicles less than 12 months old (including commercial vehicles) where repair costs exceed 50 percent of the manufacturer’s recommended retail price
“We’re delighted to have secured a long-term commitment from Zurich to continue supporting our specialist fleet insurance solutions for this highly specialist market,” said Adam Shefras, managing director of Hazardous Goods & Environmental Industries at London-based Pen Underwriting.
“Our track record in writing profitable business with well-managed loss ratios in an industry where risk is, by definition, everywhere, has given us a sustainable underwriting footprint and is thanks to the knowledge and experience of our sector specialists – many of whom have been with us for 15 years or more,” he added.
“Our partnership with Zurich ensures we can continue offering brokers superior cover as standard, to meet the unique risks and challenges presented by the transportation of hazardous goods,” Shefras went on to say.
Richard Wood, head of Sales at Zurich, said: “We’re pleased to build on our long-term strategic partnership with Pen Underwriting, supporting its fleet solution for hazardous industries. Pen’s experienced team are well-known for their technical expertise, with a risk management-led focus on underwriting quality business, making this an attractive distribution opportunity for Zurich.”
About Pen Underwriting
Pen Underwriting is a multi-class, multi-territory managing general agent (MGA) that operates as a virtual insurer, meaning 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.
Source: Pen Underwriting
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