This should help Pen Underwriting brokers while also boosting the firm’s strategy of growth and diversification.
From the beginning of August 2023, Pen Underwriting will separate out its International & Financial Lines (IFL) division to create a standalone arm, focused on UK financial lines and specialist liability.
Pen Underwriting staff changing places
This will be led by Richard Webb, who will become managing director of the division and also join the Pen Executive Committee.
Furthermore, the international division will continue to be led by Adrian Scott as managing director.
These changes follow the expansion of the IFL division, but also brings together the full force of its UK financial lines expertise. This was recently boosted by the 2021 acquisition of Manchester Underwriting Management (MUM).
As a result, the founder of MUM and current CEO Charles Manchester will take the role of chair of the new UK financial lines & specialist liability division. He aims to bring ongoing strategic counsel and support to the teams and businesses as they continue to grow.
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Tom Downey, CEO of Pen Underwriting, said: “The creation of our standalone divisions focused on International business and UK Financial Lines & Specialist Liability is testament to our investment, diversification and growth in these two areas over recent years. Creating dedicated divisions with a streamlined and focused approach best positions us to continue that growth trajectory, by bringing together the best blend of expertise, experience and technical knowledge to expand the respective product areas in line with our ambitions.
“I’m delighted to welcome Richard onto the Pen Executive Committee, and know his decades of industry experience and 13 years on MUM’s leadership team stand him in excellent stead to lead the full breadth of our financial lines and specialist liability propositions, driving and developing opportunities to further enhance our broker offering.
“I would also like to thank Charles for being such an exceptional leader of MUM, from first founding and then building such a successful business. I know his extensive experience, knowledge and strategic advice will continue to prove invaluable to the new UK Financial Lines & Specialist Liability division and the wider Pen business.”