Pen Underwriting, a specialist managing general agent (MGA) operating across multiple insurance classes and geographies, has enhanced its network offering by doubling cover limits to £10m for risks commencing on or after 1 July 2026.
Pen explained that the move caters to firms with revenues of up to £600m and is driven by increasing demand from brokers for higher limits, particularly for clients at the higher end of the non-corporate income range.
Additionally, these enhancements reflect both changing market conditions and a commitment to adapting to key differences in client size and complexity across Pen’s broad underwriting needs.
Other key improvements include streamlining, simplifying and becoming “smarter” question sets to reflect changing customer risks and maximizing their relevance to a wider range of customer sub-groups, while significantly reducing excess levels for smaller companies (certain revenue bands or limits are reduced by more than half) to remove barriers to entry and ensure they reflect the different levels of risk posed by smaller companies.
Pen has also adjusted rates on the lower income end of its underwriting appetite to further aid affordability for smaller customers and better reflect potential risks. Meanwhile, incident response now has a separate tower of cover, with cover increased from up to £250,000 to a maximum of £1 million above the main policy limit, to optimize available funding should customers require support and access to breach response expertise during any one incident.
The insurer has also increased crime sub-limits and in line with the Assistance Brokers cover comparison, losses from factors such as phishing, business identity theft and service fraud all rise to either £100,000 or £250,000, depending on the overall cover limit.
This latest suite of cyber improvements follows six enhancements announced last September that were designed to remove the upfront burden on customers in the event of a cyber extortion incident and address broader changes identified in claim composition and potential duration.
Ian Summerfield, Managing Director Network at Pen Underwriting, commented: “Our mantra in this market is that cyber risk never stands still, so neither do we. As market conditions, threats and risks, and buyer behavior change, we must continue to listen to broker feedback and improve our offering to best meet the needs of our clients.
“This is especially important when your coverage needs are as broad as Pen. The more we can tailor coverage to maximize relevance to our large and diverse customer base, the easier it will be for our brokerage partners to ensure companies invest in the cyber protection coverage they increasingly need.”
