New capacity deal brings 100% backing for Pen’s international professional indemnity portfolio, the MGA said.
Pen Underwriting has extended its relationship with SiriusPoint through a new capacity agreement covering international professional indemnity (PI) risks.
Under the deal, SiriusPoint will provide 100% capacity for Pen’s international PI portfolio, supporting a team with more than 15 years of underwriting experience. The cover targets PI risks emanating from outside the UK and Ireland, spanning multiple professions and jurisdictions.
The agreement builds on a growing strategic partnership between the two firms. In April 2024, SiriusPoint was named as the new long-term capacity provider for Pen’s specialist social housing practice. The wider collaboration now includes marine, PI and social housing, with both companies signalling further growth ambitions.
Tom Downey, CEO of Pen Underwriting, said: “We are delighted to be expanding our relationship with SiriusPoint into new sectors of specialist risk.
“International PI is an area of mutual appetite and well-positioned for growth, with our team known for a consistent underwriting approach, keenness to trade and ability to create bespoke solutions while keeping sustainability and service at the fore.”
Downey added that SiriusPoint’s long-term outlook and MGA-focused strategy made the company “a great fit” for Pen’s expanding PI portfolio.
Rob Gibbs, president and CEO of SiriusPoint International, said: “We’re proud to extend our strategic partnership with Pen Underwriting, building on our support across Pen’s portfolio, which now spans social housing, marine, and professional indemnity.
“Our expansion with Pen is a strong example of how we’re realising our strategy to deepen existing relationships to deliver even greater value with our MGA partners. We look forward to continued collaboration with Pen into the future.”
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