Pen Underwriting, a unit of Arthur J. Gallagher & Co, has acquired Wrightway Underwriting, a managing general agent (MGA) based in the Republic of Ireland.
Financial details of the transaction were not revealed.
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This move is said to bolster Pen Underwriting’s specialist offerings and launch the company’s first “on-the-ground presence” in Ireland.
Set up in 1999 and regulated by the Central Bank of Ireland, Wrightway is a full-service underwriting agency that has grown to a nationwide network of more than 200 broker partners.
Wrightway’s team of 40, headed by managing director David Crean together with underwriting head Linda Roberts and finance and operations head Mary Lyons, generates more than €40m ($42m) in gross written premiums (GWP).
With expertise in non-standard insurance solutions, Wexford, Ireland-based Wrightway provides a range of motor and liability insurance solutions for the transportation and haulage sectors, including single vehicle trucks and fleets.
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By GlobalDataThe company also provides insurance for light commercial vehicles, non-standard household risks, plant and machinery, and private motor.
Its acquisition is a key part of Pen Underwriting’s strategic growth plan to become a £1bn ($1.2bn) GWP underwriting and distribution business.
Pen Underwriting said that it is currently focusing on selective acquisitions and strategic hires to extend its existing range of niche and emerging insurance solutions, while expediting growth in underwriting business globally and further expanding its geographic footprint.
Pen Underwriting CEO Tom Downey said: “Bringing Wrightway into the Pen family will enable us to further expand into a country where we have long-established trading roots, to develop and distribute new products into the Irish market, and to bring new, complementary capabilities into our own existing stable of specialisms.
“In particular, Wrightway’s strengths in the haulage and transportation space dovetail brilliantly with our 30-plus years’ experience in mitigating losses, providing cover and managing the exposures of hazardous goods, bulk liquids and associated trades.”
Crean added: “There are big benefits and huge potential for our colleagues, broker clients and capacity in coming together and we are delighted to become part of Pen to build an even better business together.”
