Pen Underwriting hires Novae exec as head of crisis management
Pen Underwriting, the subsidiary of global insurance broker Arthur J Gallagher, has appointed Rob Preston to the newly created role of head of crisis management, to spearhead its strategic expansion into new product areas.
Preston takes responsibility for growing and developing Pen Underwriting’s capabilities in terrorism and war, kidnap & ransom (K&R) and piracy, product recall and malicious product tampering, and credit and political risks, both in the UK and internationally.
As part of Pen Underwriting’s specialty division, Preston will report into Jennifer Martin — recently announced as managing director (MD) of Pen Underwriting’s newly consolidated financial lines capability to ensure coverholders and brokers can access its expanding range of specialist facilities and expertise, whatever type of underwriting solution they are looking for.
Preston has spent more than nine years dedicated to the crisis management insurance arena, having been Novae’s lead terrorism underwriter after spending three years at Aon as a terrorism risk consultant. While at Novae he established a portfolio of terrorism, political violence and war risk, before expanding its portfolio of solutions and team capabilities into K&R, piracy, product recall and malicious product tampering.
Tom Downey, MD of specialty at Pen Underwriting, said: “Rob’s leadership track record, depth of underwriting expertise and experience in building and growing a diverse portfolio of crisis management insurance solutions speak for themselves.
“He will make a fantastic addition to the wider financial lines division as we look to establish Pen Underwriting as the alternative market of choice for an ever-broadening range of specialist risks, and grow our reputation as the home of technical underwriters who always use their expertise to find a way to make something happen and trade.”
Preston added: “This is an incredibly exciting time to be joining Pen Underwriting and the opportunity to build a crisis management team and diverse portfolio was one I couldn’t resist.
“Diversifying our areas of expertise to mirror the look and feel of a typical international, multi-class underwriting business is a core part of Pen’s strategy of becoming a virtual insurer, and I’m delighted to be part of that ambitious plan for growth.”
