Pen Underwriting secures new £100m capacity deal for solicitors’ PI

London-based managing general agent (MGA) Pen Underwriting has secured a new £100 million multi-year capacity deal to strengthen its offering in the solicitors’ professional indemnity (PI) insurance market.

Backed by A-rated security, the agreement will enable it to write 20 percent more premium on an annual basis.

The MGA will use the new capacity to offer primary cover up to £3 million across the full spectrum of its underwriting footprint, providing protection to sole practitioners and firms with 20 or more partners, for the forthcoming 2020 renewals.

Paul Crilly, head of solicitors’ PI at Pen Underwriting, said: “With a number of insurers and MGAs choosing to exit the solicitors’ PI market over the course of the last year, we know how much brokers value our long-term commitment to providing protection to UK law firms, as well as our focus on great service and the ability to quote for a wide range of activities.”

He added: “Backed as we are by A-rated security and capacity partners that value the expertise, high quality data, actuarial analysis and broad distribution we bring them, we will continue to expand our business in a sustainable way to offer UK brokers the right mix and level of protection sought by their solicitor firm clients.”

Tom Downey, CEO of Pen Underwriting, commented: “To not only secure but increase capacity in a specialist class like solicitors’ PI, especially given the current backdrop of tightening capacity generally, is a huge endorsement of our team’s quality and technical capabilities. This is another great example of how Pen’s ability to deliver the loss ratios targeted by our capacity providers is resulting in the reassurance of long-term cover provision in challenging markets for our brokers and their customers.”