Pen Underwriting (Pen), a managing general agent (MGA) operating as a virtual insurer, has taken a box at Lloyd’s. This is in line with its continued investments in ease of trade and broker access to its international insurance products.
“We are proud to take our place on the trading floor of Lloyd’s,” said Chris Goddard, Pen’s co-managing director of marine.
“As a team of specialist underwriters, dedicated to offering international insurance protection in a particularly traditional market like marine, our desire to simplify the way business is transacted has driven us since launch,” he added.
Pen took box 393 which is located on gallery 3. It will be operated by the firm’s team of specialist marine underwriters which will provide brokers with support in marine risks such as brown water hull, war risk, and ports & terminals liability.
“Box 393 enables all our niche marine underwriters to come together in one place for brokers and to be on hand to discuss and place complex risks,” said Goddard.
“Being a visible and accessible part of the trading floor at Lloyd’s is a key component of our marine team’s growth strategy,” said Adrian Scott, managing director of international at Pen.
“For the first time, brokers will be able to visit the Pen-branded box where we will have a unified marine presence that brings together all our marine brands and the full complement of our expertise whenever they need it,” he added.
Taking the box is part of Pen’s intention to diversify into complementary products as well as other lines of business that have Lloyd’s distribution. This will increase its range of underwriter expertise available for face-to-face trading.
“As a globally important insurance hub, we see Lloyd’s as a valuable distribution channel in Pen’s future, not only for marine risks, but other specialist lines of business,” said Scott.
“Having these multiple styles of distribution provides our broker partners with the choice of how they wish to engage with Pen,” he added.
Pen established its marine specialism in April 2023 when it had acquired Vessel Protect, Trafalgar Marine Trades, BMM Ports & Terminals, Fortify Marine, and Freeboard Maritime which were underwriting businesses that were backed by 100% Lloyd’s capacity. The teams are dedicated to supporting areas of marine and bring underwriting capabilities across marine war risks, kidnap & ransom, marine trades’ liability, ports & terminals liability, brown water, and hull & machinery.
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