Pen Underwriting and Zurich Insurance UK have announced a new long-term UK capacity deal in the highly specialist area of hazardous industries and tanker transportation. This builds on a strategic partnership of consistent capacity provision that dates back more than 30 years.
The agreement will see Zurich provide capacity for in excess of £165m in premium over the next five years for Pen’s Hazardous Goods and Environmental Industries’ motor fleet proposition. Pen’s products in this area are tailored to the specific needs of different segments of the high hazard transportation and distribution sector, such as companies working in fuels & oil, chemicals, lubricants, LPG, liquid waste and industrial cleaning as well as non-hazardous tanker operators.
The new deal underlines Pen’s commitment to serving and supporting businesses in the hazardous, environmental and bulk liquid industries, where risk management expertise and loss mitigation services combine with insurance protection to offer brokers and their clients market-leading propositions, direct access to experienced technical underwriters and embedded extras, including 24/7 emergency spill response.
Adam Shefras, Managing Director of Hazardous Goods & Environmental Industries at Pen Underwriting, said, “We are absolutely delighted to secure the continued long-term commitment from Zurich in support of our UK fleet insurance solution in this highly specialist market. Set against the current backdrop of market challenges, the strength and longevity of our partnership with Zurich, our decades of experience and close relationship with industry bodies enable us to provide brokers and their clients with much-needed consistency, appropriate protection and long-term sustainability across a sector that has to be able to manage catastrophic losses.”
Kevin Morton, Strategy Manager from Zurich, added, “Our long-term collaboration with Pen Underwriting and mutual commitment to keeping the UK’s hazardous and environmental industries moving is one we are very pleased to renew and build upon. Pen’s sector expertise, underwriting discipline, claims service, provision of timely and accurate data and constant drive for improvement in all aspects of the portfolio continue to make this an important and attractive distribution opportunity for Zurich and an extremely valued partnership.”