Markel will continue to offer expertise for up to ₤25m in premiums in the next three years for Pen’s products in the market

Pen Underwriting

Image: Pen Underwriting Delegated Solutions commercial director, Seb Simmonds. (Credit: Pen Underwriting.)

Pen Underwriting announced that it has renewed and extended its strategic partnership with insurer Markel to strengthen its presence in the equestrian market.

As a provider of equine insurance, Markel has been offering coverage and capacity for horse and horse-related risks for more than 50 years.

The extension of the agreement builds on the partnership between Pen and Markel which started in 2017.

Pen Underwriting Delegated Solutions commercial director Seb Simmonds said: “From happy hackers to trade associations, eventing to local riding clubs, the equestrian market presents diverse risks across its many different disciplines and an underwriting challenge that our dedicated team enjoys meeting head on.

“Partnering with Markel, as a renowned equine specialist, with such a strong reputation and track record in developing policy enhancements, has proved a brilliant way to ensure our coverholders — all of whom are equestrian specialists in their own right — and end customers receive the full benefit of our collective expertise.”

Details of Pen’s extended partnership with Markel

Under the extended partnership, Markel will offer expertise and capacity for up to ₤25m in premiums in the next three years for Pen’s products in the equestrian sector.

Sold through Pen’s selected, equine-specialist delegated authority partners, the bespoke products have been designed to meet the needs of different segments in the equestrian market.

Markel equine and livestock managing director Juliet Redfern said: “We’re delighted to renew our partnership with Pen Underwriting, which supports our mutual long-term commitment to the equestrian sector.

“From the start of the partnership, the Pen team’s extensive expertise, ability to tailor solutions to wide-ranging customer needs and significant distribution strength have delivered huge value. Our Pen partnership continues to complement Markel’s existing equine footprint in the UK.”

Last November, Markel International’s UK division had acquired Caunce O’Hara, after securing regulatory approval from the Financial Conduct Authority (FCA). The deal was announced in September.

As per the deal, Caunce O’Hara will keep its brand, with its workforce of 12 continuing at its existing office in Manchester.