Pen and CNA Hardy sign construction capacity deal

London-based managing general agent (MGA) Pen Underwriting has renewed and extended its strategic partnership with specialist insurer CNA Hardy with a new construction capacity deal.

The agreement will see CNA Hardy provide 100 percent capacity for up to £50 million in premiums through until 2024 for Pen’s construction business.

CNA had previously provided capacity to the MGA’s construction business as part of a wider consortium since 2014.

Simon Foweraker, managing director of construction at Pen Underwriting, said: “Having amassed more than 20 years’ experience in construction underwriting, when we came to revamp and relaunch our entire offering a few years ago it was vital we selected a strong insurance partner to back our modular approach and broad underwriting footprint. Joining forces with CNA Hardy has proved the perfect partnership.

“Together we have created a consistent, sustainable and growing business that enables brokers to choose the right mix of covers that their construction clients want and need – something that construction, as a diverse, challenging and changing industry demands. Now more so than ever.”

Justin Godman, class manager - casualty at CNA Hardy, said: “Over the course of our partnership with Pen we have developed a strong, reciprocal relationship and are really pleased to renew our agreement, which supports our mutual commitment to the construction sector. Key to the success of our relationship has been trust and transparency. The quality and accuracy of the data and management information produced by the team at Pen has enabled us to grow the account in a measured, strategic and sustainable way.”