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Pen Underwriting acquires Irish MGA Ornella
The deal doubles Pen Underwriting’s Irish operations to about €140.0 million in gross written premium.
Pen Underwriting has acquired Irish MGA Ornella Underwriting for an undisclosed sum, expanding Pen’s Irish presence. Coverager reports the acquisition doubles Pen’s Irish operations to approximately €140 million in gross written premium, with Ornella contributing about €70 million in GWP through a nationwide broker network.
Ornella Underwriting is based in Wexford and has around 40 employees, led by CEO Paul Whelan. It writes car, van, fleet, home and commercial combined insurance, as well as specialist products for taxis, care homes and equine risks.
The acquisition broadens Pen’s existing Irish focus on haulage, transportation and fleet insurance by adding personal lines and commercial niches. Pen says Ornella will become part of its Irish operations, which were established in 2024.
Coverager adds that the agreement expands Pen’s relationship with Zurich for underwriting capacity, and it also brings in Hiscox as a new partner. The deal includes Zurich providing capacity for Pen to write in excess of £350 million in premium over the next five years, with QBE providing more than £400 million in capacity as part of the arrangement.