Pen Underwriting, a multi-category, multi-territory managing general agent (MGA), has entered into a multi-year strategic arrangement to support its non-standard home insurance portfolio in the UK, Channel Islands and Isle of Man.
From April 1, 2026, a new consortium of insurance companies led by Zurich and Hiscox will provide underwriting capacity for Pen’s specialist real estate portfolio.
The portfolio includes mid-net worth businesses as well as risks that are more difficult to place in the standard market, such as properties with atypical features or occupancies, as well as clients with more complex risk profiles. The arrangement also includes a visit to Flood Re.
The partnership leverages Pen’s underwriting, distribution, pricing, governance and claims capabilities. The agreement operates under a mandated structure designed to provide consistent long-term support and security to brokers and policyholders.
It also extends Zurich’s existing relationship with Pen across multiple areas, including their ongoing collaboration in the UK and Ireland on specialist fleet risks such as tankers, chemical tankers, hazardous waste operators and passenger transport.
For Pen and Hiscox, the agreement represents a new working relationship with the common goal of achieving stable and sustainable growth in the non-standard property insurance sector.
Andrew Booth, Managing Director Property & Personal at Pen Underwriting, commented: “We are delighted to be extending our decades-long capacity partnership with Zurich into the non-standard home risk sector and are delighted to join forces with Hiscox in our first strategic partnership with Pen.
“Their collective support and trust in Pen’s proven expertise in underwriting means we have significant scope to expand our already large portfolio and meet the growing demand for specialist property insurance as well as customers who own standard homes but have specialist needs.
“The non-standard home market has restructured itself in recent years, increasingly moving towards providers with long-standing, data-led expertise and a proven track record of sustainably and profitably underwriting these risks – while other insurers have chosen to avoid such risks. Our own commitment remains strong and we look forward to continuing to help brokers deliver outstanding client outcomes in more complex risk scenarios.”
Gareth Hemming, chief distribution officer at Hiscox UK, added: “Hiscox UK is already a leader in the high net worth property market. This new strategic partnership with Pen is a quality partner with a strong track record in specialist markets and this new strategic partnership is another step in our expansion into adjacent markets and further increasing our distribution footprint.”
David Nichols, head of UK retail at Zurich, said: “We are delighted to expand our long-term strategic partnership with Pen Underwriting, building on many years of successful collaboration. Our specialist insurance portfolio has grown significantly over the past few years and we are committed to supporting our partners to achieve long-term value and sustainable growth. Pen’s expertise and focus on portfolio performance will ensure we continue to achieve further success.”