Pen secures Zurich and Hiscox backing for UK property consortium

Pen Underwriting has secured a new multi-year consortium agreement with Zurich and Hiscox to support its non-standard household insurance portfolio across the UK, Channel Islands and Isle of Man.

The partnership, effective from 1 April 2026, will see the two A-rated insurers provide long-term capacity for Pen’s specialist property business, including mid-net worth risks and more complex exposures that are typically difficult to place in the standard market.

The portfolio includes homes with unusual features or occupancy profiles, as well as customers with specialist risk criteria, and is supported by Flood Re capability.

The agreement builds on an existing relationship between Pen and Zurich across multiple lines, while marking a new strategic partnership with Hiscox focused on non-standard property risks.

Andrew Booth, managing director of property and personal at Pen Underwriting, said the deal reflects confidence in the MGA’s underwriting model.

“We are absolutely delighted to be expanding our decades-long capacity collaboration with Zurich into non-standard household risks and excited to be joining forces with Hiscox in its first strategic partnership with Pen,” he said.

“Their collective backing, and trust in Pen’s proven expertise in underwriting, means we have significant scope to grow our already large portfolio and meet the rising demand for specialist property insurance as well as from customers with standard homes but specialist needs,” he continued.

“In recent years, the non-standard household market has restructured itself, tapering to providers with long-standing, data-led expertise and a track record in writing these risks sustainably and profitably, while other insurers have chosen to move away from such risks,” Booth added.

“Our own commitment remains resolute, and we look forward to continuing to help brokers deliver great customer outcomes in more complex risk scenarios,” he said.

Gareth Hemming, chief distribution officer at Hiscox UK, said the partnership supports the insurer’s expansion into adjacent segments.

“Hiscox UK is already an established leader in the high-net-worth property market,” he said.

“A new strategic partnership with Pen, a high-quality partner with a proven track record in specialist markets, is another step in our journey to expanding into adjacent niches and further growing our distribution footprint,” he added.

David Nichols, head of retail at Zurich UK, said the agreement builds on a longstanding collaboration.

“We are delighted to extend our long-term strategic partnership with Pen Underwriting building on many years of successful collaboration,” he said.

“Our specialist insurance portfolio has grown significantly over the last few years, and we are committed to supporting partners in delivering long-term value and sustainable growth,” he continued.

“Pen’s expertise and focus on portfolio performance will ensure that we continue to achieve further success,” he added.