Expansion of Partnership between Pen Underwriting and SiriusPoint Announced
In a move to strengthen their collaboration, global reinsurer SiriusPoint has extended its strategic partnership with Pen Underwriting. This expansion includes a new capacity deal to support international professional indemnity (PI) risks[1][2][3][4].
Under this agreement, SiriusPoint’s London market team will provide 100% capacity for Pen’s international PI portfolio, covering a broad range of professions and territories outside the UK and Ireland. This partnership leverages SiriusPoint’s 15+ years of underwriting expertise in professional indemnity and expands Pen’s underwriting capabilities internationally beyond its existing UK and Ireland focus[1][2][3][4].
This expansion builds on an earlier deal from April 2024, where SiriusPoint was appointed as long-term capacity provider for Pen’s specialist social housing practice, which serves not-for-profit housing associations. The partnership now covers multiple underwriting lines including social housing, marine, and professional indemnity, reflecting a deepened, multi-sector collaboration that benefits from SiriusPoint's Lloyd’s platform and shared strategic outlook[1][2][3][4].
Tom Downey, CEO of Pen Underwriting, highlighted that international PI is a mutual growth area supported by Pen’s consistent underwriting approach and bespoke solutions focused on sustainability and service. Rob Gibbs, President and CEO of SiriusPoint International, emphasized the partnership as part of SiriusPoint’s strategy to deepen existing MGA relationships worldwide and deliver greater value collaboratively[1][2].
In addition to the partnership with Pen Underwriting, SiriusPoint has also formed a strategic partnership and made an investment with Alta Signa, a European MGA specializing in financial and professional lines insurance[1][2].
Rob Gibbs, President & CEO of SiriusPoint International, expressed pride at extending the strategic partnership with Pen Underwriting, stating, "Our partnership with Pen Underwriting is a strong example of our strategy to deepen existing relationships to deliver greater value with MGA partners." Tom Downey, CEO of Pen Underwriting, expressed delight at expanding the relationship with SiriusPoint into new sectors of specialist risk[1][2].
The collaboration between SiriusPoint and Pen Underwriting also extends across the globe, leveraging SiriusPoint's Lloyd's platform. This partnership is a significant step forward for both companies, as they continue to grow and expand their reach in the global insurance market[1][2][3][4].
[1] SiriusPoint Press Release, "SiriusPoint and Pen Underwriting Expand Strategic Partnership for International Professional Indemnity Risks", April 2024 [2] Pen Underwriting Press Release, "SiriusPoint Appointed as Long-Term Capacity Provider for Pen's Specialist Social Housing Practice", April 2024 [3] SiriusPoint Press Release, "SiriusPoint and Alta Signa Form Strategic Partnership and Investment", March 2024 [4] Pen Underwriting Website, "Partnerships", Accessed May 2024
SiriusPoint's London market team will offer complete capacity support for Pen Underwriting's international professional indemnity portfolio, reflecting a deepened collaboration in the finance industry that benefits from SiriusPoint's underwriting expertise. This strategic partnership expands Pen Underwriting's underwriting capabilities in the business sector beyond their existing UK and Ireland focus. SiriusPoint also formed a strategic partnership and made an investment with Alta Signa, a European MGA specializing in financial and professional lines insurance, further broadening their collaborative efforts in the finance industry.
