Pen Underwriting, a subsidiary of Arthur J Gallagher, has expanded its marine practice to include insurance coverage for US ports and terminals.
This move is based on the “consistent performance” of the company’s international ports and terminals portfolio, the release said.
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The new capability encompasses geographical scope from the Gulf of Mexico (GOM) to Alaska and the Pacific to the Atlantic, including US territories such as Puerto Rico and Guam.
The expansion is backed by the “A-rated security of Lloyd’s syndicates and London market capacity”.
Pen’s ports and terminals team offers customised insurance solutions tailored to the risks and exposures faced by clients.
This includes coverage across property, liability, handling equipment, hull and machinery, and business interruption.
The company markets these services under the trading name BMM P&T.
Pen Underwriting marine co-managing director Paul Hartley 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.”
Earlier this month, Pen Underwriting restructured its divisional organisation to better integrate its commercial underwriting capabilities within the UK and Ireland.
