Pen Underwriting UK has expanded into the Republic of Ireland by snapping up Wexford-based Wrightway Underwriting Limited.
The acquisition, financial terms of which were not disclosed, establishes the Gallagher-owned managing general agent’s first on-the-ground presence in Ireland as part of its ongoing geographic expansion. A specialist transportation and haulage underwriting agency, Wrightway will add €40 million in gross written premium (GWP) to Pen.
Trading since 1999, Wrightway has grown organically to become one of Ireland’s biggest MGAs. The business is led by managing director David Crean, underwriting head Linda Roberts, and head of finance and operations Mary Lyons.
Wrightway, manned by 40 colleagues, works with over 200 broker partners to provide motor and liability insurance solutions to the transportation and haulage industries. The full-service agency also underwrites light commercial vehicles, plant and machinery, non-standard household risks, and private motor insurance.
Pen UK chief executive Tom Downey (pictured) noted: “From our earliest conversations with Dave and the team, we knew Wrightway would be a fantastic fit for Pen, culturally as well as commercially.
“Having identified Ireland as the ideal geographic location for our next European hub, it has everything we are looking for – great people leading a growing business; an outstanding reputation among brokers as the go-to provider of risk solutions in its chosen specialisms; and an impressive track record of disciplined, profitable underwriting.”
Downey went on to highlight the strategic benefits, saying: “Bringing Wrightway into the Pen family will enable us to further expand into a country where we have long-established trading roots, to develop and distribute new products into the Irish market and to bring new, complementary capabilities into our own existing stable of specialisms.
“In particular, Wrightway’s strengths in the haulage and transportation space dovetail brilliantly with our 30-plus years’ experience in mitigating losses, providing cover, and managing the exposures of hazardous goods, bulk liquids, and associated trades. We can’t wait to get started.”
Crean, meanwhile, thanked his team for Wrightway’s current scale, quality, and national reach.
He said: “It seems fitting that as we turn 25 years old, a new chapter in our growth story begins and with a partner we share common values and principles with. Just as we do, Pen knows the importance of having a broker-centric approach to service, with underwriters keen to trade, access to decision-makers, and first-class claims solution – but also the importance of sustainable growth, good governance, and effective capacity management.
“There are big benefits and huge potential for our colleagues, broker clients, and capacity in coming together, and we are delighted to become part of Pen to build an even better business together.”
The acquisition aligns with Pen’s strategic goal to become a £1 billion GWP underwriting and distribution business.
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