Berkley Insurance Australia (BIA) has agreed to sell its motor and fleet motor business to
Pen Underwriting as of 30 September, it has been revealed.
Berkley underwriters have also agreed to commence with Pen on 1 October as the business looks to provide as seamless a transition as possible for brokers.
The deal will see Berkley transition out of the market, with Pen given the ability to invite renewal on the Berkley book as Pen will underwrite renewals and offer new terms to brokers, said
Gary Marshall, chief executive of Pen Underwriting
.
“Pen have a desire to one of the dominant players in Australia and has the capital ability to do so through a willing parent company,” Marshall told
Insurance Business.
“When this opportunity was presented there was no hesitation in responding.”
Pen, which has been in the motor insurance market for two decades, will employ underwriters from Berkley in Brisbane, Melbourne and Perth “to retain market contact,” Marshall continued, and will work alongside current Pen underwriters in the market.
“The majority of brokers already deal with Pen, whether it be in motor or other products,” Marshall continued. “Pen have a good reputation in the motor space to provide quick response times.”
“This allows Pen to offer brokers a more diverse motor product in a very competitive area of the market.”
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