Pen Underwriting, a unit of Arthur J. Gallagher & Co, has acquired Wrightway Underwriting, a managing basic agent (MGA) primarily based within the Republic of Eire.
Monetary particulars of the transaction weren’t revealed.
This transfer is alleged to bolster Pen Underwriting’s specialist choices and launch the corporate’s first “on-the-ground presence” in Eire.
Arrange in 1999 and controlled by the Central Financial institution of Eire, Wrightway is a full-service underwriting company that has grown to a nationwide community of greater than 200 dealer companions.
Wrightway’s group of 40, headed by managing director David Crean along with underwriting head Linda Roberts and finance and operations head Mary Lyons, generates greater than €40m ($42m) in gross written premiums (GWP).
With experience in non-standard insurance coverage options, Wexford, Eire-based Wrightway offers a variety of motor and legal responsibility insurance coverage options for the transportation and haulage sectors, together with single car vans and fleets.
Entry probably the most complete Firm Profiles
available on the market, powered by GlobalData. Save hours of analysis. Acquire aggressive edge.
Firm Profile – free
pattern
Thanks!
Your obtain electronic mail will arrive shortly
We’re assured concerning the
distinctive
high quality of our Firm Profiles. Nevertheless, we would like you to take advantage of
useful
determination for your corporation, so we provide a free pattern you can obtain by
submitting the beneath type
By GlobalData
The corporate additionally offers insurance coverage for gentle business automobiles, non-standard family dangers, plant and equipment, and personal motor.
Its acquisition is a key a part of Pen Underwriting’s strategic development plan to change into a £1bn ($1.2bn) GWP underwriting and distribution enterprise.
Pen Underwriting mentioned that it’s at present specializing in selective acquisitions and strategic hires to increase its present vary of area of interest and rising insurance coverage options, whereas expediting development in underwriting enterprise globally and additional increasing its geographic footprint.
Pen Underwriting CEO Tom Downey mentioned: “Bringing Wrightway into the Pen household will allow us to additional broaden into a rustic the place we’ve got long-established buying and selling roots, to develop and distribute new merchandise into the Irish market, and to deliver new, complementary capabilities into our personal present secure of specialisms.
“Specifically, Wrightway’s strengths within the haulage and transportation area dovetail brilliantly with our 30-plus years’ expertise in mitigating losses, offering cowl and managing the exposures of hazardous items, bulk liquids and related trades.”
Crean added: “There are large advantages and big potential for our colleagues, dealer shoppers and capability in coming collectively and we’re delighted to change into a part of Pen to construct an excellent higher enterprise collectively.”
