Managing general agent Pen Underwriting has sealed a long-term capacity deal with (re)insurer SiriusPoint for the benefit of the not-for-profit housing association sector in the UK.
Under the multi-year arrangement, SiriusPoint is set to fully back the MGA’s specialist social housing practice and allow Pen to underwrite in excess of £150 million in premiums. Pen’s two-decade expertise in the housing association sector spans buildings, incidental contents, property owners’ liability, and terrorism insurance.
“Our new partnership with SiriusPoint represents an exciting evolution for our social housing business,” Pen social housing head and real estate managing director Simon Perry said.
“Joining forces with a like-minded organisation, known to be a committed capacity provider for MGAs, will enable us to channel more than 20 years of underwriting knowledge and insight into further enhancements for the benefit of our housing association clients.”
Perry cited social housing as an integral part of the company’s growing public sector portfolio.
“We are proud to help the UK’s housing associations manage and mitigate their cost of risk by delivering strong capacity to the sector for clients seeking tailored insurance solutions in a highly specialised area,” he added.
According to Pen public sector managing director Seb Simmonds, SiriusPoint is an “excellent fit,” given its extensive book of growth-focussed strategic partnerships with expert MGAs like Pen.
“They recognise the value of our proposition, having taken the time to understand the market, the historical performance of the sector, and our team’s disciplined approach to robust underwriting,” Simmonds asserted.
“SiriusPoint can see what our social housing team’s extensive experience means for both our housing association clients and writing a sustainable, successful book. It is fantastic to have them on board.”
According to Rob Gibbs, international chief executive at SirusPoint, the (re)insurer already had an existing admiration for Pen even before the tie-up.
Gibbs said: “Pen Underwriting is a new partner for SiriusPoint, although we have long admired and tracked its progress to a high-calibre business with underwriting and distribution at its heart.
“We are looking forward to partnering with the team at Pen as it continues to execute its clear growth strategy, and develop its proposition within the social housing market. Partnering with expert MGAs is key to SiriusPoint’s strategy.”
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