Pen Underwriting develops brand-new, focused divisions
In order to better serve its brokers and align with the execution of its development and diversification plan, Pen Underwriting has announced changes to its divisional structure. These changes will bring together core underwriting capabilities and experience.
In order to create a separate UK Financial Lines & Specialist Liability division, Pen will split its International & Financial Lines (IFL) division as of August 1.
The company states that Richard Webb, who will join the Pen Executive Committee and serve as the new division’s managing director, will be in charge of this.
Adrian Scott will continue to serve as MD of the newly created International division, which has undergone two acquisitions in the past three months.
Pen underwriting observes that the structural adjustments come after not only the IFL division’s expansion but also the integration of Manchester Underwriting Management (MUM), which Pen purchased in 2021, and its complete range of UK financial lines experience.
Charles Manchester, the founder of MUM and current CEO, will take the helm of the brand-new UK Financial Lines & Specialist Liability division. Manchester will serve as the division’s chair while “providing ongoing strategic counsel and support to the teams and business, as they continue to execute on their growth strategy,” Pen stated.
Richard Webb joined Pen in October 2021 when MUM was acquired and added to the Pen family. He is currently the Director of MUM and is in charge of broker growth, marketing, and claims.
Prior to joining MUM in 2010, he held top positions at HCC International and Hiscox, gaining over four decades of expertise in the insurance industry.
CEO of Pen Underwriting Tom Downey said, “Our investment, diversification, and expansion in these two areas over the past few years is reflected in the emergence of our freestanding divisions focused on International Business and UK Financial Lines & Specialist Liability.
“Creating dedicated divisions with a focused approach that is streamlined and efficient 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 thrilled to welcome Richard to the Pen Executive Committee, and know that 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 improve our broker offering,” Downey said.
“I also want to thank Charles for his outstanding leadership in starting and growing MUM into such a great company.
I am confident that the new UK Financial Lines & Specialist Liability branch and the larger Pen business will continue to benefit greatly from his tremendous expertise, knowledge, and strategic counsel.
