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Pen Underwriting secures £120 million capacity for UK property owners
The multi-year deal will let Pen write £120 million in gross written premium over the next three years, about doubling capacity it previously agreed with Endurance Worldwide Insurance Limited.
Pen Underwriting, a managing general agent serving multiple classes and territories, has secured a multi-year capacity deal tied to its UK property owners practice, aiming to support growth and performance, according to Reinsurance News.
The agreement will enable Pen to write £120 million in gross written premium over the next three years, effectively doubling the capacity provision it previously agreed with Endurance Worldwide Insurance Limited, which was set in 2023.
Pen said the scaled-up arrangement builds on an initial three-year partnership focused on complex, individually transacted policies, before expanding last year to include Pen’s digital propositions.
The company attributed improvements in digital trading, including greater risk quotability and better conversion rates, to investments in enhanced pricing and data-led decision-making, while also maintaining underwriting discipline; it said the expanded capacity gives insurance brokers more certainty, broader coverage support across different property types, and operational flexibility.