Pen Underwriting, a subsidiary of Arthur J. Gallagher, has renewed its collaboration with QBE in the UK and Ireland, marking a continuation of a relationship that will now exceed 25 years of continuous capacity provision.
The renewal of two capacity deals in specialist areas will see QBE providing more than £400m in premiums over the terms of the agreements.
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The first renewed agreement, a three-year deal, supports Pen Underwriting’s public sector business RMP in the UK, with QBE backing P&C, financial lines and motor fleet risks, including those for police authorities.
This extension builds on a partnership that has lasted more than 15 years.
Additionally, QBE will continue to support Pen’s specialism in the hazardous, environmental and bulk liquid industries.
The new five-year agreement covers P&C risks and excess-of-loss in both the UK and Republic of Ireland, which began in 2001.
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By GlobalDataRMP collaborates with brokers and their clients across various public sectors including local government, police, fire and education to develop risk management and insurance programmes aimed at reducing their total cost of risk.
Pen Underwriting hazardous goods & environmental industries managing director Adam Shefras added: “It is 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.”
QBE Europe UK Casualty underwriting director Anna Bennett said: “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.”
Last month, Pen Underwriting appointed Hannah Fry as chief operating officer, effective from 6 January 2025.
