Pen Underwriting unveils new CEO as Turner moves to Gallagher
London-based Pen Underwriting has appointed Tom Downey as new chief executive officer (CEO), taking over the position from Jonathan Turner who has moved to Gallagher.
Turner has been appointed as CEO of the UK-based speciality business within global insurance broker Gallagher — Pen Underwriting’s parent company.
Downey, who joined Pen as managing director of specialty in 2014 before being appointed chief underwriting officer in 2017, will assume full day-to-day management and the leadership of the £500m GWP underwriting business.
Downey’s promotion will see two other members of Pen’s leadership assume new executive-level responsibilities.
Jennifer Martin, managing director of international & financial lines, will succeed Downey as chief underwriting officer. Martin joined Pen Underwriting in 2015 initially to build and drive the expansion of its specialist financial lines business into international territories, before being promoted to lead its overall international & financial lines division. Upon regulatory approval, Martin will also join the Pen Board.
Adrian Scott, head of cyber liability, will succeed Martin as MD of international & financial lines. Scott joined Pen Underwriting in 2016 to enhance its capabilities in cyber risk management and insurance, build a dedicated team of sector specialists and extend the geographic reach of Pen’s cyber propositions. Scott’s promotion will also see him become a member of Pen’s executive team.
“From my very first day six years ago, I’ve been passionate about Pen as a specialist underwriting business and am incredibly proud of the virtual insurer we have shaped and built as a team," said Downey. "Pen now brings together all the robust capabilities of an insurance company with the entrepreneurial mind-set and flexibility of an MGA that continues to deliver for our customers and capacity providers alike.
“It’s both exciting and an honour to be taking over the CEO baton from Jon who has been an inspirational leader for the business. It’s been a pleasure and a privilege to work with him."
“I’m also delighted to promote Jen and Adrian to their new roles. Being able to appoint members of our existing team into such pivotal positions is testament to our talent within Pen and our commitment to developing that talent, and I know both will excel with their new responsibilities,” he added.
Turner said: “Five years ago, Pen Underwriting was essentially a disparate group of 12 specialist underwriting businesses and Tom has been integral to their effective integration and our transformational change. There’s no pair of hands more skilled and secure to which to pass Pen’s leadership reins.”
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