Pen Underwriting has introduced the extension of its partnership with Zurich within the Republic of Eire, reinforcing a relationship that may surpass 25 years.
This settlement ensures that Zurich will proceed to supply full capability for Pen’s specialist choices, with a dedication of as much as €45m ($48.17m) in premiums over the subsequent three years.
The specialist choices present cowl to motor fleets working within the hazardous items, tankers and environmental industries.
Pen and Zurich have an analogous long-term capability settlement within the UK to help the identical sectors.
In Eire, Pen customises its fleet merchandise to satisfy the distinct necessities of the high-hazard transportation and distribution sector, together with companies concerned with fuels and oil, chemical substances, lubricants, liquified petroleum gasoline, liquid and dangerous waste, in addition to non-hazardous tanker operations.
The companies supplied by Pen mix danger administration experience and loss mitigation with insurance coverage safety, offering brokers and their purchasers with options tailor-made to their wants.
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These embody direct entry to technical underwriters and value-added companies comparable to round the clock emergency spill response.
Pen Underwriting managing director of hazardous items & environmental industries Adam Shefras stated: “Our dedication to delivering long-term insurance coverage options in Eire for fleets working within the hazardous or bulk liquid areas is underpinned by our improbable collaboration with Zurich, so this newest capability deal is good news for all events.
“Because the industries we help proceed to evolve, overcome financial and regulatory challenges and embed decarbonisation initiatives, the availability of secure and safe insurance coverage tailor-made to their wants is massively vital.”
Zurich Insurance coverage director of gross sales & distribution in Eire Declan O’Halloran stated: “Pen continues to be an ideal underwriting associate for us within the Republic of Eire at this extremely specialist finish of the fleet market. We worth the depths of their danger analysis expertise, their data-driven strategy to disciplined underwriting and their deal with steady enchancment.
“These qualities make the choice to increase our collaboration past 25 years a straightforward one, and we sit up for working collectively for a few years to return.”
Not too long ago, Pen entered right into a capability partnership with reinsurer SiriusPoint geared toward enhancing its specialist capabilities.
By the multi-year settlement, SiriusPoint will function the only real capability supplier for Pen’s social housing follow, enabling Pen to underwrite £150m ($187.8m) in premiums for this area of interest market.
The social housing sector contains non-profit housing associations that handle a mixture of residential and business properties, with Pen’s insurance coverage protection spanning buildings, incidental contents, property homeowners’ legal responsibility and terrorism.
