Pen Underwriting expands P&T coverage to US risks

Pen Underwriting, a subsidiary of Arthur J. Gallagher & Co., has announced the expansion of its international ports and terminals (P&T) specialism to cover US risks.

This move ensures the company can cover all global jurisdictions, building on the strong performance of Pen’s existing P&T portfolio outside the US.

The new US capability spans from the Gulf of Mexico to Alaska, and from the Pacific to the Atlantic, including US-administered territories such as Puerto Rico and Guam. These areas can be looked at and written by Pen’s team of specialist underwriters, alongside their established global capabilities.

Paul Hartley, Co-Managing Director of Marine at Pen Underwriting, said, “Our strong ports and terminals’ portfolio performance elsewhere in the world meant the time was right to bring our expertise to the US market, as brokers are always on the lookout for new or alternative propositions to recommend to their clients in this niche area of the international marine insurance market.

“The team’s success in quickly establishing itself as a key market for ports and terminals’ risks hasn’t been built on skills, experience and technical expertise alone. But on a reputation for responsiveness, first-class service and customised client solutions.

“Being able to now offer the final piece of the ‘global P&T jigsaw’ – in terms of covering the wealth of US risks out there – is testament to how both aspects have combined to deliver excellent underwriting results and thus capacity confidence to extend our offering in this way. We look forward to working closely with brokers to further our support of this crucial component of worldwide trade and distribution, which underpins the global economy.”

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