London-based managing general agent (MGA) Pen Underwriting has entered into a new motor capacity deal with Zurich Insurance.
Under the agreement, Zurich will provide capacity for up to £150 million in premiums over the next five years for Pen’s hazardous goods and environmental motor fleet solution — formerly branded as OAMPS — which is tailored to the specific needs of different segments of the high hazard transportation and distribution sector, such as fuels, chemicals and liquid waste as well as non-hazardous tanker operators.
Adam Shefras, managing director of hazardous goods and environmental industries at Pen Underwriting, said: "We’re delighted to have secured a long-term commitment from Zurich to continue supporting our specialist fleet insurance solutions for this highly specialist market.
"Our partnership with Zurich ensures we can continue offering brokers superior cover as standard, to meet the unique risks and challenges presented by the transportation of hazardous goods."
Richard Wood, head of sales at Zurich, commented: "We’re pleased to build on our long-term strategic partnership with Pen Underwriting, supporting its fleet solution for hazardous industries. Pen’s experienced team are well-known for their technical expertise, with a risk management-led focus on underwriting quality business, making this an attractive distribution opportunity for Zurich."
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Pen Underwriting, Zurich Insurance, London, UK