UK managing general agent (MGA) Pen Underwriting has entered into a partnership with reinsurer SiriusPoint to bolster its specialist capabilities with a long-term capacity deal.
With the multi-year agreement, SiriusPoint will become the 100% capacity provider for Pen’s social housing practice.
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This collaboration will enable Pen to write £150m ($185.44m) in premiums, leveraging its more than two decades of underwriting experience in the field.
This niche sector involves not-for-profit housing associations that own, rent and manage both residential and commercial properties.
The insurance coverage offered by Pen includes buildings, incidental contents, property owners’ liability and terrorism.
Pen Underwriting managing director of real estate, and head of social housing Simon Perry said: “Our new partnership with SiriusPoint represents an exciting evolution for our social housing business.
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By GlobalData“Joining forces with a like-minded organisation, known to be a committed capacity provider for MGAs, will enable us to channel more than 20 years of underwriting knowledge and insight into further enhancements for the benefit of our housing association clients.
SirusPoint CEO of international Rob Gibbs said: “Pen Underwriting is a new partner for SiriusPoint, although we have long admired and tracked its progress to a high-calibre business with underwriting and distribution at its heart.
“We are looking forward to partnering with the team at Pen as it continues to execute its clear growth strategy, and develop its proposition within the social housing market.”
In the previous month, SiriusPoint expanded its footprint in the specialty insurance market by partnering with NIP Group to launch a new excess and surplus (E&S) insurance underwriting platform.
This initiative is designed to enhance NIP’s portfolio of more than 25 programmes, offering customised solutions to address the intricate and evolving needs of its programme business.
Earlier in February, SiriusPoint further extended its strategic alliances by establishing a trading partnership with Ryan Specialty Nordics, a Stockholm-based managing general underwriter.
