Pen enters new specialist line with key strategic hire from Gallagher
London-based managing general agent (MGA) Pen Underwriting, a subsidiary of re/insurance broker Gallagher, has established a dedicated IP underwriting practice with a key strategic hire to lead its new specialist line.
Bringing 18 years’ specialist experience in IP insurance, on both the underwriting and broking side, Erik Alsegard (pictured) joins Pen from Gallagher where he helped establish its new broking specialism as IP director, following a seven-year tenure heading up CFC Underwriting’s IP practice. Prior to that, Alsegard was senior IP underwriter at Munich Re, having first honed his IP skills and expertise at Miller.
Alsegard has been appointed to the newly created role of head of intellectual property with effect from April 1, as the company looks to invest in extending and diversifying its product offering for brokers and their clients.
In his new role, Alsegard will be tasked to drive the development of a comprehensive portfolio of IP risk solutions, tailored to the needs of all size segments, from start-ups and SMEs to large and complex companies, while building out multiple ways to trade with Pen.
Particular focus will be given to those industries that are seeing significant and consistent growth in the extent and value of their intangible assets, with a broad underwriting appetite across most sectors, Pen noted.
Extending Pen’s suite of tailored risk solutions into IP insurance will create a natural complement to its established specialisms in tech-related professional indemnity (PI) and broader coverage for the fast-growing tech sector, cyber liability, financial lines and risk-managed commercial, the company believes.
IP insurance provides cover for legal costs and damages awarded in a claim. It enables companies to both protect their own intellectual property – such as patents, copyright or trademarks, and pursue those they believe are infringing on their IP – as well as help businesses defend themselves against claims of IP infringement by other parties. Risks arising out of contractual obligations are also typically covered.
Adrian Scott, managing director of international & financial lines at Pen Underwriting, said: “As we continue to invest in new areas of niche cover for growth sectors, intellectual property was a logical next step and a great strategic fit, not least with our now established PI-led portfolio of solutions for technology companies.
“Just like risk solutions for the tech sector, IP insurance has a limited number of specialist providers, meaning brokers are looking for greater choice as well as tailored cover for the types and size of risk their clients are facing. By bringing a well-known and seasoned market practitioner like Erik into Pen, with many years of IP experience and expertise on the client and underwriting side, we can be confident what we’re building is best-in class to give our brokers a competitive advantage as well as access to empowered underwriters. We very much look forward to welcoming Erik to the team.”
Alsegard commented: “The value attached to intangible assets, including intellectual property, is increasing for businesses in all sectors, and often significantly outstripping the tangible on many company balance sheets. Yet the very real exposures they present, and complex claims that can arise, often remain uninsured. Building a dedicated new IP practice within Pen is a great opportunity to develop state-of-the-art wordings and coverages, provide access to specialist claims support, and play an important part in ensuring the insurance market for IP exposures continues to grow at pace in line with demand. I’m excited to get started.”
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