Pen Underwriting – an underwriting business with its eyes fixed on hitting a £1 billion GWP target by 2025 – has today announced a swathe of changes to its divisional structure.
In a Press release, the business revealed that as of August 1, it will separate its International & Financial Lines (IFL) division - creating a standalone UK Financial Lines & Specialist Liability division. Richard Webb will be stepping into a new role as managing director of the division and will join the Pen executive committee. Meanwhile, the newly dedicated International division will continue to be led by MD Adrian Scott.
Pen noted that the changes follow the significant expansion of the IFL division and also bring together the full strength of both Pen’s UK financial lines expertise and that of 2021-acquired Manchester Underwriting Management (MUM).
Among the changes, MUM-founder and current CEO Charles Manchester will become chair of the new UK Financial Lines & Specialist Liability division. Webb, who is currently a director at MUM, joined Pen in October 2021 when MUM was acquired by Pen. He brings 37 years of industry experience to his new role, having previously served with HCC International and Hiscox, prior to joining MUM in 2010.
Commenting on the changes, Tom Downey, CEO of Pen Underwriting, said: “The creation of our standalone divisions focused on International business and UK Financial Lines & Specialist Liability is testament to our investment, diversification and growth in these two areas over recent years.”
He added that creating dedicated divisions with a “streamlined and focused approach” will enable Pen to continue that growth trajectory, blending expertise, experience and technical knowledge to expand the respective product areas in line with the firm’s ambitions.
“I’m delighted to welcome Richard onto the Pen executive committee,” he said, “and know his decades of industry experience and 13 years on MUM’s leadership team stand him in excellent stead to lead the full breadth of our financial lines and specialist liability propositions, driving and developing opportunities to further enhance our broker offering.
“I would also like to thank Charles for being such an exceptional leader of MUM, from first founding and then building such a successful business. I know his extensive experience, knowledge and strategic advice will continue to prove invaluable to the new UK Financial Lines & Specialist Liability division and the wider Pen business.”
