QBE and Pen Underwriting extend partnership with $400m+ capacity deal

Pen Underwriting, a subsidiary of Arthur J. Gallagher & Co., has extended its long-term strategic partnership with QBE in the UK and Ireland in a new £420m capacity deal.

This collaboration involves the multi-year renewal of two major capacity deals in highly specialist areas.

Building on a 25-year relationship, in terms of continuous capacity provision, the expanded partnership will focus on niche areas of public authority, hazardous goods, and environmental industries.

Combined, the agreements will see QBE provide capacity for over £400 million in premium to be written over their term.

As part of this collaboration, QBE will continue to provide comprehensive support to Pen Underwriting’s public sector arm, RMP, across property & casualty, financial lines, and motor fleet risks, including police authorities.

This new three-year agreement extends a successful partnership spanning over 15 years.

QBE’s capacity will also support Pen’s specialism that caters for the hazardous, environmental and bulk liquid industries – specifically supporting property & casualty risks, plus excess-of-loss in the UK and Republic of Ireland.

The new five-year deal extends a strategic partnership that began in 2001, signifying over 25 years of continuous capacity provision between the two companies.

RMP is an insurance provider for local authorities, working with brokers to help public sector clients reduce risk and costs.

They offer specialised products and risk management expertise for hazardous, environmental, and bulk liquid industries, including crisis management and 24/7 emergency response.

Stephen Halsall, Managing Director of RMP, said: “Our over-riding mission is to help organisations reduce their total cost of risk – through proactive risk management, insurance protection and effective claims handling – so they can reinvest any sums saved into frontline services provision.

“Long-term capacity commitment is what underpins our ability to keep delivering on that mission and QBE’s continued support in ensuring we can look after our public authority and education clients is highly valued.”

Adam Shefras, Managing Director of Hazardous Goods & Environmental Industries at Pen Underwriting, added: “It’s fantastic to be taking our partnership with QBE past the 25-year mark with this new five-year capacity deal in support of what is a highly specialist and changing market.

“Due to the nature of our clients we have to be prepared to deal with catastrophic losses, and our insurer partners place their trust in us to work closely with clients and industry bodies to maximise the risk mitigation measures that enable us to manage this risk and grow together sustainably.”

Anna Bennett, Director of Underwriting, UK Casualty at QBE Europe, commented: “We are delighted to be further extending our long-term strategic partnership with Pen and supporting their expertise in delivering significant value, continuity and stability to sectors of fundamental societal and economic importance.

“We are grateful for our Bristol and London-based teams who have been pivotal in strengthening and renewing these relationships and we value Pen’s commitment to driving excellent portfolio performance while managing risk in some of the most challenging areas. We look forward to continuing our collaborative commitment to these niche risk sectors and growing and expanding together over the years to come.”

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