Pen Underwriting has announced the extension of its partnership with Zurich in the Republic of Ireland, reinforcing a relationship that will surpass 25 years.
This agreement ensures that Zurich will continue to provide full capacity for Pen’s specialist offerings, with a commitment of up to €45m ($48.17m) in premiums over the next three years.
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The specialist offerings provide cover to motor fleets operating in the hazardous goods, tankers and environmental industries.
Pen and Zurich have a similar long-term capacity agreement in the UK to support the same sectors.
In Ireland, Pen customises its fleet products to meet the distinct requirements of the high-hazard transportation and distribution sector, including businesses involved with fuels and oil, chemicals, lubricants, liquified petroleum gas, liquid and hazardous waste, as well as non-hazardous tanker operations.
The services offered by Pen combine risk management expertise and loss mitigation with insurance protection, providing brokers and their clients with solutions tailored to their needs.
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By GlobalDataThese include direct access to technical underwriters and value-added services such as round-the-clock emergency spill response.
Pen Underwriting managing director of hazardous goods & environmental industries Adam Shefras said: “Our commitment to delivering long-term insurance solutions in Ireland for fleets operating in the hazardous or bulk liquid areas is underpinned by our fantastic collaboration with Zurich, so this latest capacity deal is excellent news for all parties.
“As the industries we support continue to evolve, overcome economic and regulatory challenges and embed decarbonisation initiatives, the provision of stable and secure insurance tailored to their needs is hugely important.”
Zurich Insurance director of sales & distribution in Ireland Declan O’Halloran said: “Pen continues to be a great underwriting partner for us in the Republic of Ireland at this highly specialist end of the fleet market. We value the depths of their risk evaluation experience, their data-driven approach to disciplined underwriting and their focus on continuous improvement.
“Those qualities make the decision to extend our collaboration beyond 25 years an easy one, and we look forward to working together for many years to come.”
Recently, Pen entered into a capacity partnership with reinsurer SiriusPoint aimed at enhancing its specialist capabilities.
Through the multi-year agreement, SiriusPoint will serve as the sole capacity provider for Pen’s social housing practice, enabling Pen to underwrite £150m ($187.8m) in premiums for this niche market.
The social housing sector includes non-profit housing associations that manage a mix of residential and commercial properties, with Pen’s insurance coverage spanning buildings, incidental contents, property owners’ liability and terrorism.
