Pen Underwriting has entered a new strategic partnership with Bridgehaven Specialty UK Limited to expand capacity and support for the solicitors’ professional indemnity (PI) market.
The agreement will see Bridgehaven provide capacity for Pen’s PI portfolio, which serves a range of firms from sole practitioners to practices with more than 20 partners.
Pen Underwriting, a multi-class managing general agent, has supported solicitors’ PI for 25 years. Its portfolio spans both high street firms with mixed caseloads and specialist practices covering personal injury, criminal, family, and immigration law. The firm draws on in-house claims specialists and experienced technical underwriters to serve the market, which has evolved significantly since the profession moved from mutual indemnity to commercial insurance in 2000.
“We are excited to be embarking on this new strategic partnership with Bridgehaven. Since its launch two years ago, as the UK’s first specialist risk-taking hybrid insurer, we have been impressed by the team, their ambition and backing of our sector,” said Tom Downey (pictured, left), chief executive of Pen Underwriting.
He added that the deal reflects rising demand within the UK’s managing general agent marketplace. “Alongside our valued long-term insurer partners there is space to create new-style collaborations, including fronting insurers and reinsurers aligned to our approach, strategy and strengths, just as in this new partnership. We’re very much looking forward to working together.”
His words were backed by Paul Jewell (pictured right), chief executive of Bridgehaven. He pointed to the transparency behind the firm’s hybrid insurance model and the opportunities for enhanced collaboration. “Our aspiration is to be the leading hybrid insurer supporting innovative, well positioned MGAs and partner with them to grow highly profitable and therefore sustainable portfolios,” he said.
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