This could assist Pen Underwriting brokers whereas additionally boosting the agency’s technique of progress and diversification.
From the start of August 2023, Pen Underwriting will separate out its Worldwide & Monetary Traces (IFL) division to create a standalone arm, targeted on UK monetary strains and specialist legal responsibility.
Pen Underwriting workers altering locations
This can be led by Richard Webb, who will turn out to be managing director of the division and likewise be part of the Pen Govt Committee.
Moreover, the worldwide division will proceed to be led by Adrian Scott as managing director.
These adjustments comply with the growth of the IFL division, but in addition brings collectively the total power of its UK monetary strains experience. This was just lately boosted by the 2021 acquisition of Manchester Underwriting Administration (MUM).
Because of this, the founding father of MUM and present CEO Charles Manchester will take the position of chair of the brand new UK monetary strains & specialist legal responsibility division. He goals to deliver ongoing strategic counsel and assist to the groups and companies as they proceed to develop.
Tom Downey, CEO of Pen Underwriting, mentioned: “The creation of our standalone divisions targeted on Worldwide enterprise and UK Monetary Traces & Specialist Legal responsibility is testomony to our funding, diversification and progress in these two areas over latest years. Creating devoted divisions with a streamlined and targeted strategy finest positions us to proceed that progress trajectory, by bringing collectively the perfect mix of experience, expertise and technical data to increase the respective product areas in step with our ambitions.
“I’m delighted to welcome Richard onto the Pen Govt Committee, and know his a long time of business expertise and 13 years on MUM’s management group stand him in wonderful stead to guide the total breadth of our monetary strains and specialist legal responsibility propositions, driving and creating alternatives to additional improve our dealer providing.
“I’d additionally wish to thank Charles for being such an distinctive chief of MUM, from first founding after which constructing such a profitable enterprise. I do know his in depth expertise, data and strategic recommendation will proceed to show invaluable to the brand new UK Monetary Traces & Specialist Legal responsibility division and the broader Pen enterprise.”
