Pen dropped Qatar Re as capacity provider on its solicitors PI book
Pen Underwriting has split from Qatar Re and moved its solicitors’ PI book to Dubai-based insurer IGI.
IGI has been underwriting parts of Pen’s PI book since 2015, and in August 2017 the decision was taken to change the capacity provider for its solicitors PI book, located in its financial lines division, from Qatar Re to IGI.
Gallagher-owned MGA Pen had in August 2015 signed a long-term deal with Qatar Re to act as their solicitors PI capacity provider, and the split was put down to the strength of the IGI offering in a Pen statement.
A spokesperson for Pen said: “IGI is a leading international specialist commercial insurer and reinsurer, rated A- by Standard and Poor’s and AM Best.
“IGI’s financial strength offers Pen a meaningful long-term capital commitment that will allow it to develop its market leading solicitors’ PI proposition.
“IGI has some of the market’s best regarded PI underwriters, and Pen’s partners at IGI have decades of experience in the PI market and are thus able to add valuable insights to Pen’s own PI offering.
“Since 2015, Pen has been building a strong partnership with IGI in the PI space, working in tandem with its underwriting and actuarial teams and at the executive level.
“Also important in the selection process, was IGI’s support for Pen’s ‘virtual insurer’ capability which delivers underwriting excellence combined with in-house claims management and control.”
A spokesperson for Qatar Re stated that it does not comment on specific commercial relationships.