Here’s a deal that will certainly get tongues wagging in the MGA sector.
Pen Underwriting has today announced it has snapped up Manchester Underwriting Management (MUM) – taking with it a 50-strong team of specialists and £60 million in GWP.
The move, which has been made for an undisclosed sum, sees the underwriting agency started back in 2010 by Charles Manchester, and which has a specialism in professional indemnity and management liability, add breadth and depth to the Pen line-up in new areas of professional indemnity, such as for surveyors & valuers and insurance brokers.
“When we set out our strategy of accelerated growth last year and vision to become a £1 billion GWP underwriting and distribution company, we made clear that the acquisition of quality, specialist underwriting businesses led by highly skilled and respected management teams would be a core and critical element. MUM demonstrates every single one of those traits and much more,” said Tom Downey (pictured), CEO of Pen Underwriting.
“Culturally our businesses are also brilliantly aligned. Like Pen, MUM has a firm focus on writing profitable, sustainable business underpinned by a robust underwriting discipline and is just as focused on investment in great people, where support, career development and internal progression are to the fore. We couldn’t be more delighted at the prospect of bringing MUM into the Pen Underwriting family and extend a very warm welcome to Charles [Manchester, founder and CEO of MUM] and his team.”
MUM currently boasts five locations across the UK, with Manchester noting his pride on what has been achieved by the firm.
“I am incredibly proud of the business we have built together as a team over the last decade – respected in our chosen sectors, backed by high-quality A-rated capacity and consistently profitable,” he said. “Becoming part of a larger group will enable us to deliver the next level of growth but it had to be with the right partner. Pen’s management team shares our mindset and our motivations. This will be a great partnership for colleagues, capacity partners, broker clients and customers alike.”
