Multi-category, multi-region managing general agent (MGA) Pen Underwriting has announced the extension of its decades-long strategic partnership with Zurich, UK, and the signing of a newly expanded multi-year specialist fleet capacity agreement.
The new agreement builds on a 35-year partnership that continues to provide fleet capacity to the hazardous cargo, tanker and environmental industries and significantly expands the scope of the partnership.
As of January 1, 2026, Zurich will support Pen’s wider fleet venture portfolio, including its expertise in bus, coach and minibus venture passenger transport.
Additionally, the agreement allows Pen to offer new fleet risk terms to existing customers with relationships in other product areas.
Under the agreement, Zurich is expected to provide Pen with the ability to underwrite more than £350 million in premiums over the next five years.
The focus is on achieving sustainable growth and strategically expanding the portfolio to cover additional industries with specialty fleet risks that can benefit from Pen’s underwriting knowledge.
In addition to providing insurance solutions for a wider range of fleet risks, the new multi-year capacity agreement will also increase the level of authorized underwriting and claims authority. These measures are designed to further improve responsiveness, broker service and client outcomes.
The expanded multi-year strategic partnership with Zurich now combines all of Pen’s UK fleet expertise into one capacity agreement.
Previously, the focus was only on motor vehicle fleets and hazardous cargo, tanker and environmental industries such as companies operating in fuels and petroleum, chemicals, lubricants, LPG, liquid and hazardous waste, industrial cleaning and non-hazardous tanker operators.
Pen’s offerings include risk management, technical underwriting access and 24/7 emergency spill response.
Pen has similar long-term capacity arrangements with Zurich in the Republic of Ireland to support the same industries.
Adam Shefras, Managing Director, Hazardous Goods and Environmental Industry at Pen Underwriting, said: “Not only are we extremely pleased to be able to secure Zurich’s continued capacity commitment to support hazardous goods and other bulk liquids fleet risks across the UK, but also to extend this partnership to cover Pen’s other key areas of fleet expertise.
“The bus, coach and minibus industry is another highly specialized market with limited participating insurers and Pen offers long-held underwriting expertise that we can now bring to more brokers and more customers.
“Pen’s long history in these industries, coupled with our enduring strategic partnership with Zurich and high levels of underwriting and claims authority, means we are ideally placed to provide sustainable solutions and response services in areas where complex and catastrophic claims can occur.”
Gordon Wilmott, Head of Public Services and Pen at the Municipality of Zurich, said: “We are delighted to be expanding our collaboration with Pen Underwriting, building on our long-standing and successful partnership. Pen’s passion and expertise in ensuring the best possible outcomes for brokers and clients is something we particularly value and we look forward to achieving further success together.”