Pen Underwriting, a multi-category, multi-territory managing general agency (MGA), has officially launched in the UK mid-market professional indemnity (PI) sector to cater for the needs of firms with higher fee income or higher turnover.
The new product is supported by MGA’s partnered panel of A-rated insurers, which complements the company’s existing SME PI risk expertise across a range of underwriting specialties.
The new products will be suitable for a wide range of professions including accountants, architects, consulting engineers, design and construction firms and more.
MGA explained that in addition to having broad coverage, there is no gap in fee income or turnover among the businesses it underwrites through mid-market or SME facilities.
The new product, combined with Pen’s ability to trade PI risk electronically, ensures brokers have access to a seamless PI solution to suit their clients’ size and needs.
Sachin Gupta, UK PI managing director at Pen, commented: “Extending our PI risk appetite to larger companies, which are often more complex, is another example of how we listen to and respond to our broker partners. When brokers called for more choice for PI for surveyors and valuers, we expanded into this specialist market.
“When insurance options became limited for their own profession, we responded by creating tailor-made insurance for insurance brokers. Now, we’re doing the same for mid-market PI risk, and brokers are telling us they want more market options and easier ways to take on greater client risk, especially in these regions.”
He continued, “By taking a consortium approach to increasing capacity – with a variety of premium A-rated insurers in the market behind us – our authorized underwriters can now use their expertise to work closely with brokers across the UK to provide a one-stop solution for their larger PI client risks.”
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