Pen Underwriting partners with Markel to target equestrian
London firm Pen Underwriting has entered a strategic partnership with specialist insurer Markel International to strengthen its presence in the equestrian market and drive product innovation in the sector, the company said in a statement.
Under the partnership, which takes effect from May 1, Markel will provide expertise and capacity for up to £25 million in premiums over the next three years for Pen’s products that are tailored to meet the needs of the different segments of the equestrian market and distributed through its specialist partner delegated authority arrangements.
"We're delighted to be partnering with Markel, whose reputation and experience in the equine arena is second to none, and with a track record in pioneering policy enhancements and endorsements," said Seb Simmonds, commercial director of Pen Underwriting Delegated Solutions.
Markel offers equine insurance and has been providing coverage for horse and horse related risks for over 50 years.
Juliet Redfern, managing director of equine and livestock at Markel, said: "We're excited to be entering a new strategic partnership with Pen Underwriting, building on Markel’s long-term trading relationship with the wider Gallagher group, which will provide a great complement to our existing equine footprint in the UK and globally, and underlines our long-term mutual commitment to the equestrian market.”
Simmonds added: "The equestrian market presents unique risks and challenges due to the diversity of activities undertaken in the different disciplines. This demands a tailored response and our underwriters have deep knowledge of everything from eventing and happy hackers, to trade associations and local riding clubs.
“So, by joining forces with Markel and leveraging our collective expertise, we aim to introduce an increasingly innovative offering to our coverholders - all of whom are equestrian specialists in their own right — for the benefit of our end customers with their diverse and changing needs."
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