Pen Underwriting has signed a capacity agreement that will allow it to write £100m worth of solicitors’ professional indemnity (PI) business over the next three years.
The agreement reaffirms the London-based organisation’s commitment to the UK solicitors’ PI sector, and is expected to facilitate Pen’s ongoing provision of primary coverage, spanning up to £3 million, across its diverse underwriting landscape.
This is set to encompass the firm’s wide variety of clients, ranging from sole practitioners to company’s boasting 20 or more partners, all of whom will benefit from the coverage in the upcoming 2023 renewals.
The MGA has stated that the agreement is backed by A-rated security, as well as the organisation’s existing partners.
Pen’s comprehensive scope across the underwriting sector allows it to cater to a vast array of outfits, with a diverse set of needs, including both high street practices involved in a range of legal work and specialist firms focusing on areas like personal injury, criminal law, family law, and intellectual property.
Despite a turbulent market, Pen has consistently demonstrated proficient underwriting performance, whilst also being bolstered by their deftness of their in-house solicitors PI claims specialists.
Recently, the organisation launched a new UK division to drive growth. The changes to its divisional structure has seen the company separate its International & Financial Lines (IFL) division, creating a standalone UK Financial Lines & Specialist Liability division.
It is hoped that the move will bring together the company’s core underwriting capabilities and expertise, for the benefit of its brokers.
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