Pen Underwriting extends SiriusPoint partnership into PI

Pen Underwriting, a specialist underwriting agency in the UK, has expanded its partnership with global re/insurer SiriusPoint through a new capacity deal in support of international professional indemnity (PI) risks.

As per the terms of the agreement, SiriusPoint will have 100% capacity for Pen’s international PI portfolio, with its dedicated London market team that brings over 15 years of consistent underwriting experience and expertise.

The offering covers PI risks occurring from outside the UK and Ireland, across multiple professions and territories.

It builds on the strategic partnership between Pen and SiriusPoint, which now extends across a range of underwriting specialisms.

This deal follows the April 2024 announcement of SiriusPoint as the new long-term capacity provider for Pen’s specialist social housing practice, which supports the not-for-profit housing association sector with its diverse insurance needs and exposures.

Tom Downey, Chief Executive Officer (CEO), Pen Underwriting, commented, “We are delighted to be expanding our relationship with SiriusPoint into new sectors of specialist risk. International PI is an area of mutual appetite and well-positioned for growth, with our team known for a consistent underwriting approach, keenness to trade and ability to create bespoke solutions while keeping sustainability and service at the fore.

“As a strategic partner, SiriusPoint understands the importance of taking a long-term approach but is also quick to recognise the value of propositions and quality opportunities. Their commitment to the MGA sector and focus on shared success make them a great fit for international PI, where we look forward to growing our capabilities and reach yet further.”

Rob Gibbs, President & CEO of SiriusPoint International, added, “We’re proud to extend our strategic partnership with Pen Underwriting, building on our support across Pen’s portfolio, which now spans social housing, marine, and professional indemnity.

“The partnership also extends our collaboration across the globe, as we leverage our valuable Lloyd’s platform. Our expansion with Pen is a strong example of how we’re realising our strategy to deepen existing relationships to deliver even greater value with our MGA partners. We look forward to continued collaboration with Pen into the future.”

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