Pen Underwriting has put in place a long-term arrangement for its non-standard household cover across the UK, the Channel Islands and the Isle of Man.
Zurich and Hiscox will sit in a new consortium supporting Pen’s specialist property account.
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The book includes mid-net worth homes and cases that can be difficult to accommodate in the mainstream market, such as properties with atypical features or occupancy, and customers with specific risk requirements.
The offering includes Flood Re capability.
Pen said the structure is based on its work in underwriting and distribution, as well as pricing insight, governance and claims handling.
The setup is a delegated arrangement intended to provide ongoing insurer backing for Pen’s distribution partners and policyholders.
The agreement follows Zurich’s existing relationship with Pen in other areas, including capacity provided in the UK and Ireland for Pen’s specialist fleet business, covering fuel tankers, chemical carriers, hazardous waste and passenger transport.
Pen Underwriting Property & Personal managing director Andrew Booth said: “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.”
