23 February 2023Insurance

Gallagher’s Pen taps longtime executive to lead large business unit

London-based managing general agent (MGA) Pen Underwriting, a subsidiary of re/insurance broker  Gallagher, has tapped a longtime executive to drive its large public sector business unit, which includes its specialist business Risk Management Partners (RMP).

Seb Simmonds (pictured) has been appointed managing director of the public sector division at Pen. Simmonds will succeed Nick Colyer upon his retirement in May 2023.

Simmonds is currently MD of Risk Managed Commercial at Pen – a role he has held since 2020. In his new role, he will take on the strategic and operational leadership of the division and join Pen’s executive team.

Having been with Pen since its very beginning, Simmonds brings 20 years’ experience to the role, the vast majority of which have been in the specialist field of schemes and managing general agents (MGA). Within Pen, he has held various leadership roles, including managing the delegated commercial team and its 80 sub-delegated arrangements across property and liability schemes for five years.

Pen said that it will retain the expertise, insight and experience of Colyer in an advisory capacity, as he takes on the role of chair of RMP.

Tom Downey, CEO of Pen Underwriting, said: “Seb’s proven leadership capabilities, extensive knowledge of Pen and great reputation with our capacity partners, made him a natural successor to Nick as leader of our large Public Sector division. In a relatively short period, Seb has transformed the Risk Managed Commercial business in terms of capacity, operations and underwriting performance – and these disciplines will be equally crucial to the ongoing success of our public sector, higher education and social housing business.

“Seb’s promotion is testament, therefore, not only to the internal talent we have within Pen but also a great example of the value we place on leaders bringing their knowledge and insight to bear on new areas of the business, where colleagues, brokers, coverholders and capacity alike will benefit from their breadth of experience.

He added: “On behalf of the whole business, I would also like to say a massive thank you to Nick who has been an inspirational leader for the wider public sector business as part of the Pen family, and the driving force behind RMP’s exponential growth since becoming MD of the business back in 2012. We’re delighted to be retaining his specialist knowledge and wisdom in his capacity as Chair of RMP.”

Simmonds commented: “I’m excited to be taking on the mantle of the public sector business from Nick who has been instrumental to its growth, diversification and success. He leaves it in brilliant shape with a fantastic, well-respected team of specialist underwriters and I look forward to consolidating our strong position in existing markets as well as innovating and expanding into new ones.”

Colyer added: “The public sector marketplace has always been challenging, and yet the team demonstrates every day the discipline and execution needed to manage growth, retention and profitability. It's testament to them that we have achieved what we have, and I am incredibly fortunate to have been surrounded by such talented individuals throughout my career. I am proud of the resilient business we have created, and look forward to watching the business flourish and evolve under Seb’s leadership.”

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