QBE Insurance Invests £400 Million to Boost Pen Underwriting's UK and Ireland Operations

QBE Insurance Invests £400 Million to Boost Pen Underwriting’s UK and Ireland Operations

In a significant move to enhance its presence in the insurance market, QBE Insurance has pledged £400 million in capacity to support Pen Underwriting’s operations in the UK and Ireland. This strategic partnership is designed to bolster specialized industries through two key multi-year agreements.

Overview of the QBE and Pen Underwriting Partnership

As part of the renewed collaboration, QBE Insurance aims to provide tailored insurance solutions across various sectors. The partnership will focus on two main agreements:

1. Three-Year Agreement for Public Sector Business

  • Focus Area: Pen’s public sector business, known as RMP.
  • Coverage: Property and casualty, financial lines, and motor fleet risks, which includes police authorities.

2. Five-Year Agreement for Hazardous Goods

  • Target Industries: Hazardous goods, environmental, and bulk liquid sectors.
  • Coverage: Property and casualty risks along with excess-of-loss coverage.

About Pen Underwriting

Pen Underwriting operates as the Managing General Agent (MGA) under Arthur J. Gallagher, a leading global insurance brokerage. The company specializes in delivering customized insurance solutions that leverage its extensive underwriting expertise and partnerships with insurers.

About QBE Insurance

QBE Insurance, headquartered in Sydney, Australia, is a prominent player in the global insurance and reinsurance industry. The firm offers a diverse array of underwriting solutions, including:

  • Property
  • Casualty
  • Financial lines

This substantial financial commitment from QBE signals its strength and readiness to support complex risk portfolios effectively.

Conclusion

The partnership between QBE Insurance and Pen Underwriting represents a robust alignment aimed at enhancing insurance offerings tailored to specific sectors. For more insights on industry trends and partnerships, visit Coverager and explore their latest articles.

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