Gallagher's Pen launches e-trading terrorism solution for UK market
London-based managing general agent (MGA) Pen Underwriting, a subsidiary of global insurance broker Gallagher, has launched a new e-traded terrorism solution for UK businesses and property owners.
Pen said the new product has been tailored to cover realistic scenarios based on a broad definition of terrorism, and can be traded in multiple ways to best suit brokers and their clients.
Backed by A-rated security, the cover has been designed as an easy, quick-to-quote, e-traded proposition via Acturis or the Pen Portal with minimum referral triggers, although it can also be underwritten in a conventional manner.
Simon Perry, head of London real estate at Pen Underwriting who has led the development of its tailored terrorism solutions, said: “To maximise the value of our terrorism solution to UK businesses and property owners we stripped back to basics our current proposition and rebuilt it from the ground up for the multiple distribution channels that we support.
“The nature and impact of terrorism incidents has evolved over time and we wanted to ensure that we continued to protect businesses that were both directly and indirectly affected by an incident as well as help them manage the impact of those losses, such as through brand rehabilitation. It’s all about creating a policy that’s likely to respond in the first place and then providing the critical coverages that businesses really need.”
Nick Wright, chief business development officer at Pen Underwriting, commented: “When we announced our ambition to become a £1bn underwriting and distribution business last July, we made it clear that investing in the creation of more specialist niche practices and expanding our e-trade capabilities would be a big part of that.
“Our new quick-to-quote, e-traded terrorism insurance solution for UK businesses and property owners, which builds on the success of bespoke terrorism insurance for housing associations and the public sector, is a great example of how we are broadening the Pen product suite. That’s good news for brokers keen to trade more widely with us while sticking to our promise of making sure we are easy to do business with.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
