The agreement incepts on 01 August 2020 and will see Pen write in excess of £100m in solicitors’ PI premiums over the next three years
Pen Underwriting has bolstered its commitment to the solicitors’ professional indemnity (PI) insurance market, with a new, enhanced multi-year capacity deal that will enable it to write 20% more premium on an annual basis.
Backed by A-rated security, the agreement – which incepts on 01 August 2020 ¬– will see Pen write in excess of £100m in solicitors’ PI premiums over the next three years.
Pen has a long track record in the UK solicitors’ PI market and will use the new capacity to offer primary cover up to £3m across the full spectrum of its diverse underwriting footprint – providing protection to everyone from sole practitioners right up to firms with 20 or more partners – for forthcoming 2020 renewals. Supported by its team of experienced, established technical underwriters and in-house Solicitors’ PI claims specialists, Pen has proved itself a consistent underwriter in what at times has been a turbulent market.
Paul Crilly, Head of Solicitors’ PI at Pen Underwriting, said: “With a number of insurers and MGAs choosing to exit the solicitors’ PI market over the course of the last year, we know how much brokers value our long-term commitment to providing protection to UK law firms, as well as our focus on great service and the ability to quote for a wide range of activities.”
He continued: “Backed as we are by A-rated security and capacity partners that value the expertise, high quality data, actuarial analysis and broad distribution we bring them, we will continue to expand our business in a sustainable way to offer UK brokers the right mix and level of protection sought by their solicitor firm clients.”
Tom Downey, CEO of Pen Underwriting, commented: “To not only secure but increase capacity in a specialist class like solicitors’ PI, especially given the current backdrop of tightening capacity generally, is a huge endorsement of our team’s quality and technical capabilities. This is another great example of how Pen’s ability to deliver the loss ratios targeted by our capacity providers is resulting in the reassurance of long-term cover provision in challenging markets for our brokers and their customers.”
Source: Company Press Release