Pen Underwriting has agreed a new multi-year capacity arrangement with Zurich in the UK, expanding a partnership that has been running for more than three decades.
The renewed deal will support a wider range of fleet risks and is set to back over £350 million in premium over the next five years.
From January 1, 2026, Zurich will provide capacity not only for Pen’s established hazardous goods, tanker and environmental fleet business, but also for its broader fleet portfolio, including bus, coach and minibus risks. The agreement will also allow Pen to offer terms on new fleet risks for existing customers where it already has relationships in other product lines.
The extended collaboration comes as UK fleet brokers navigate easing rates in parts of the market alongside rising repair, labour and legal expenses, and selective withdrawals by some composite carriers from less profitable trades.
The capacity is intended to support what both parties describe as sustainable growth and portfolio expansion into other specialist fleet sectors. As part of the updated deal, Zurich has granted Pen increased delegated underwriting and claims authority. According to the firms, this is designed to improve response times, broker service and outcomes for end customers.
Historically, the Zurich arrangement focused on Pen’s tailored offerings for hazardous and bulk liquid fleets, including operators in fuels and oil, chemicals, lubricants, LPG, liquid and hazardous waste, industrial cleaning and non-hazardous tanker sectors.
Pen’s proposition in these areas includes risk management and loss mitigation support, direct access to specialist technical underwriters and embedded features such as 24/7 emergency spill response.
Adam Shefras (pictured above), managing director of hazardous goods and environmental industries at Pen Underwriting, said Pen was “absolutely delighted to secure Zurich’s ongoing capacity commitment in support of hazardous and other bulk liquid fleet risks across the UK,” and to extend the partnership to other fleet lines.
He said the bus, coach and minibus market is “another highly specialist market, with limited participating insurers,” where Pen’s established underwriting capability can now be offered to more brokers and clients.
Gordon Wilmott, head of public services and Pen at Zurich Municipal, said: “We are delighted to be working with Pen Underwriting in an expanded capacity – building on our long-standing successful partnership.” He said Zurich particularly values the “passion and expertise shown by Pen to ensure the best outcomes for brokers and customers” and looks forward to “achieving further success together.”
Pen manages about £1 billion in gross written premium across multiple classes and has set a “2030 Vision” to grow into a £1.75 billion GWP underwriting and distribution business with ambitions to be a leading MGA in the UK and wider EMEA region.
Pen has a similar long-term capacity arrangement with Zurich in the Republic of Ireland in support of the same sectors.
