Pen Underwriting secures Zurich and Hiscox backing for non-standard home insurance
Pen Underwriting secured a multi-year capacity deal with Zurich UK and Hiscox to support its non-standard home insurance business across the UK, Channel Islands, and Isle of Man.
The consortium provides A-rated backing for Pen’s specialist property portfolio, including mid-net-worth and harder-to-place risks, supported by Flood Re , under a delegated underwriting arrangement.
The agreement expands Zurich’s existing relationship with Pen and marks a new partnership with Hiscox, focused on growing in the non-standard property segment.
“We are absolutely delighted to be expanding our decades-long capacity collaboration with Zurich into non-standard household risks and excited to be joining forces with Hiscox in its first strategic partnership with Pen. Their collective backing, and trust in Pen’s proven expertise in underwriting, means we have significant scope to grow our already large portfolio and meet the rising demand for specialist property insurance as well as from customers with standard homes but specialist needs. In recent years, the non-standard household market has restructured itself, tapering to providers with long-standing, data-led expertise and a track record in writing these risks sustainably and profitably – while other insurers have chosen to move away from such risks. Our own commitment remains resolute, and we look forward to continuing to help brokers deliver great customer outcomes in more complex risk scenarios.” – Andrew Booth, Managing Director of Property & Personal at Pen Underwriting.
“Hiscox UK is already an established leader in the high-net-worth property market. A new strategic partnership with Pen, a high-quality partner with a proven track record in specialist markets, is another step in our journey to expanding into adjacent niches and further growing our distribution footprint.” – Gareth Hemming, Chief Distribution Officer at Hiscox UK.
“We are delighted to extend our long-term strategic partnership with Pen Underwriting building on many years of successful collaboration. Our specialist insurance portfolio has grown significantly over the last few years, and we are committed to supporting partners in delivering long-term value and sustainable growth. Pen’s expertise and focus on portfolio performance will ensure that we continue to achieve further success.” – David Nichols, Head of Retail at Zurich UK.
