Pen Underwriting has announced changes to its divisional structure as it aims to continue its growth.
The move will see the company separate its International & Financial Lines (IFL) division, creating a standalone UK Financial Lines & Specialist Liability division.
It is hoped that this will bring together core underwriting capabilities and expertise, for the benefit of its brokers.
Tom Downey, CEO of Pen Underwriting, commented, “The creation of our standalone divisions focused on international business and UK financial lines & specialist liability is a testament to our investment, diversification and growth in these two areas over recent years.
“Creating dedicated divisions with a streamlined and focused approach best positions us to continue that growth trajectory, by bringing together the best blend of expertise, experience and technical knowledge to expand the respective product areas in line with our ambitions.”
It has also been revealed that the structural changes follow not only the expansion of the IFL division, but also bring together the full breadth of its UK financial lines expertise from both Pen Underwriting and the 2021-acquired Manchester Underwriting Management (MUM).
Richard Webb, current Director of MUM, will become Managing Director of the new division and join the Pen Executive Committee, meanwhile the newly dedicated international division will continue to be led by Adrian Scott.
Mr Downey was effusive in his praise of Richard’s appointment, commenting: “I’m delighted to welcome Richard onto the Pen Executive Committee, and know his decades of industry experience and 13 years on MUM’s leadership team stand him in excellent stead to lead the full breadth of our financial lines and specialist liability propositions, driving and developing opportunities to further enhance our broker offering.”
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