Pen Underwriting UK has broadened its portfolio with the addition of intellectual property (IP) insurance to the managing general agent’s offerings.
Leading the new proposition is Erik Alsegard, who is making the switch from Gallagher on April 1 to serve as Pen’s IP head. His 18 years of IP insurance experience includes time spent at Miller, Munich Re, and CFC Underwriting.
“The value attached to intangible assets, including intellectual property, is increasing for businesses in all sectors, and often significantly outstripping the tangible on many company balance sheets,” said Alsegard in a release. “Yet the very real exposures they present, and complex claims that can arise, often remain uninsured.
“Building a dedicated new IP practice within Pen is a great opportunity to develop state-of-the-art wordings and coverages, provide access to specialist claims support, and play an important part in ensuring the insurance market for IP exposures continues to grow at pace in line with demand. I’m excited to get started.”
According to Pen, the expansion will create a “natural complement” to the MGA’s specialisms in tech-related professional indemnity (PI) and broader coverage for the tech sector, cyber liability, financial lines, and risk-managed commercial.
Lifting the lid on the move, Pen international & financial lines managing director Adrian Scott stated: “As we continue to invest in new areas of niche cover for growth sectors, intellectual property was a logical next step and a great strategic fit, not least with our now established PI-led portfolio of solutions for technology companies.”
Scott said IP insurance is similar with risk solutions for the tech sector in that there is also a limited number of specialist providers in the market, leaving brokers looking for greater choice and for tailored cover.
“By bringing a well-known and seasoned market practitioner like Erik into Pen, with many years of IP experience and expertise on the client and underwriting side, we can be confident what we’re building is best-in class to give our brokers a competitive advantage as well as access to empowered underwriters,” he added. “We very much look forward to welcoming Erik to the team.”
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